Earned and Unearned Income, Transfers from Others (LO. 3) Elwood had to retire early because of a job-related injury. During the current year, he receives $9,600 in Social Security benefits. In addition, he receives $6,000 in cash dividends on stocks that he owns and $7,900 in interest on tax-exempt bonds. Assuming that Elwood is single, what is his gross income if a. he receives no other income? $ x b. he also receives $10,600 in unemployment compensation? $ c. he sells some land for $79,600 and he paid $44,300 for the land? $|| Feedback Check My Work Under the capital recovery concept, it could be said that half of each payment received from Social Security represents a return of the taxpayer's investment and is therefore excluded, much like annuities. But for lower-income taxpayers, a lesser-of formula is applied to determine the amount to include in gross income