Question
Elmore receives a rental property as an inheritance from his grandmother. The rental is worth $500,000, and Elmore had rental income of $24,000 during the
Elmore receives a rental property as an inheritance from his grandmother. The rental is worth $500,000, and Elmore had rental income of $24,000 during the year.
Requirement
For the year, how much is Elmore's gross income as a result of the inheritance?
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