Graded Problem # 7 Greg lives in New York, is a widower (his wife died in 2016), and has one child. His child, Jana, is 40 and lives with her family in California. Greg retired from his job in 2015, but continues to consult. In 2018, he had the following items of income: Taxable corporate bond interest income $26,000 Municipal bond interest (exempt interest) 9,000 12,000 10,000 9,000 .Dividends (qualifying) .Consulting fees Social security benefits Greg rents his apartment, has no significant medical expenses, and pays a modest amount of state taxes. Therefore, he will take the standard deduction rather than itemize. He does have records for the following items: Investment expenses Expenses related to his consulting business 900 1,500 Greg also had the following gains and losses in 2018: Loss on the sale of 500 shared of Erc, Inc. (stock was held for three years) $12,000) (5,000) Loss on sale of personal auto . Gain on sale of ABC Inc. Stock .Gain on the sale of unimproved land in Ipswich, Massachusetts. He held 1,200 this land as an investment 35,000 Determine the following for Greg's 2018 return: Greg's Schedule C income. Greg's adjusted gross income. Greg's taxable income. Greg's 2018 tax liability. 1. 2. 3. 4