Earned and Unearned Income, Transfers from Others (LO. 3) Elwood is retired. During 2020, he receives $10,400 in Social Security benefits. In addition, he receives $6,000 in cash dividends on stocks that he owns and $8,000 in interest on tax-exempt bonds. Assuming that Elwood is single, what is his gross income if a. He receives no other income? $ 6,000 b. He also receives $11,300 in unemployment compensation? 19,900 X c. He sells some land for $79,700 and he paid $44,300 for the land? 50,240 Feedback Check My Work Under the capital recovery concept, it could be said that half of each payment received from Social Security represents ar the taxpayer's investment and is therefore excluded, much like annuities. But for lower-income taxpayers, a lesser-of forn applied to determine the amount to include in gross income