Question
1. Thelma works at a liquor store in 2017 and makes $44,000. She also has dividend income of $12,000 and interest income of $1,000. She
1. Thelma works at a liquor store in 2017 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 2017?
a. 58000
b. 45000
c. 69000
d. 57000
2. 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
3. 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
Step by Step Solution
3.42 Rating (152 Votes )
There are 3 Steps involved in it
Step: 1
Step 1 1 The adjusted gross income will be calculated as Salary 44000 dividend income 12000 Intere...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Document Format ( 2 attachments)
635e23cac4070_181770.pdf
180 KBs PDF File
635e23cac4070_181770.docx
120 KBs Word File
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started