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Required Information

$[$The following information applies to the questions displayed below.$]$

Ken is $63$ years old and unmarred. He retired at age $55$ when he sold his business,

Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial Information this year. Assume Ken files as a single taxpayer.

a$.$ Ken won $$1,560$ in an illegal game of poker $($the game was played in Utah, where gambling is illegal$).$

b$.$ Ken sold $1,360$ shares of stock for $$32$ a share. He inherited the stock two years ago. His tax basis $($or investment$)$ in the stock was $$31$ per share.

c$.$ Ken recelved $$28,600$ from an annuity he purchased eight years ago. He purchased the annuity, to be pald annually for $20$ years, for $$240,240.$

d$.$ Ken recelved $$13,900$ in disability benefits for the year. He purchased the disability insurance policy last year.

e$.$ Ken decided to go back to school to learn about European history. He recelved a $$860$ cash scholarship to attend. He used $$480$ to pay for his books and tultion, and he applied the rest toward his new car payment

f$.$ Ken's son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken as a gift from Mike to Ken. Ken recelved the check on December $30$ in the amount of $$1,640.$

g$.$ Ken recelved a $$790$ refund of the $$3,960$ in state income taxes his employer withheld from his pay last year. Ken claimed $$13,360$ in itemized deductions last year $($the standard deduction for a single filer was $$12,950).$

h$.$ Ken recelved $$33,600$ of interest from corporate bonds and money market accounts.

Determine Ken's gross income.

Gross income

$$,54,060$