Question
Robert Reed, a bachelor, maintains his parents in a nursing home. They have no income of their own and are completely dependent on their son.
Robert Reed, a bachelor, maintains his parents in a nursing home. They have no income of their own and are completely dependent on their son. His parents are 75 and 72 years of age. Robert has the following sources of income: Salary....45,000 interest on municipal bonds...750 interest on bank accounts....800 dividends on common stock of U.S. corporation.500 Robert has itemized deductions of $12,000. Robert owns several apartment buidings. 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 covers the months of December and January. Robert is confused on how to account for this rental income. It is not included in the $3,000 listed above. Compute Robert's taxable income. (show all work) PLEASE DO NOT USE THE SAME ANSWER THAT CHEGG ALREADY HAS ITS FROM 2010
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