Question
Thelma works at a liquor store in 2016 and makes $44,000. She also has dividend income of $12,000 and interest income of $1,000. She owns
Thelma works at a liquor store in 2016 and makes $44,000. She also has dividend income of $12,000 and interest income of $1,000. She owns a beach house that gives her $11,000 in net rental income and she owns a stake in a limited partnership that generates a $15,000 loss. What is her adjusted gross income in 2016?
a. 58000
b. 45000
c. 69000
d. 57000
1b. Which of the following is not considered one of the five basic taxable or reporting entities?
a. Partnership
b. Corporation
c. Portfolio
d. Individual
e. Trust
Which of the following is NOT a test that must be met for a child to be considered a dependent?
a. domicile test
b. citizenship test
c. relationship test
d. blood test
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