Taxpayer is single and operates an ice cream parlor as a sole proprietor. Taxpayer also owns a residential rental property. Following is a list of taxpayers income and deductions for the year. Determine Taxpayers Adjusted Gross Income. Note that taxpayer is not eligible to participate in any employer-sponsored health insurance plan and that the self-employment tax liability amount provided is 100 percent of the liability, Business income Business deductions Rental income Rental deductions Gambling winnings Gambling losses Self-employment tax liability (this is 100%) Health insurance premiums paid Mortgage interest on resident State income taxes paid Charitable contributions, cash (not limited) Allowable qualified business income deduction 92,000 33.000 22,000 17,500 2,000 2,000 8,336 6,000 7,200 2,600 750 8.556 X 78,480 Correct Answer: 55,332