Question
Blake is a limited partner in Kling-On partners. This year Kling-On reported that Blake's share of dividend income was $3,700 and his share of municipal
Blake is a limited partner in Kling-On partners. This year Kling-On reported that Blake's share of dividend income was $3,700 and his share of municipal interest was $2,750. Early, this year Blake found a bundle of $100 bills in the alley outside his apartment. When no one claimed the money, the cash (a total of $2,400) was returned to BLake. Finally, Blake earned a salary of $42,000 but almost $6,500 was withheld for income taxes and FICA tax.
Compute Blake's realized income and gross income.
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