Question
Robert Reed, a bachelor, maintained his parents in a nursing home. His parents were 75 and 72 years of age and had no income of
Robert Reed, a bachelor, maintained his parents in a nursing home. His parents were 75 and 72 years of age and had no income of their own and were completely dependent on Robert. Robert had the following sources of income. Salary $83900 Interest on municipal bonds 900 Interest on bank accounts 840 Dividends on common stock of U.S. corporation 480 Robert had itemized deductions of $25780. He owned several apartment buildings. His net rental income was $3,000 for the year. Then, on December 31 one of his best tenants brought in a check for $500. This money covered the months of December and January. The check was not included in the $3,000 listed above. What was Roberts taxable income? [For your answer, please use whole number and ignore the dollar sign and the comma.]
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