Andrew, who is single, retired from his job this year. He received a salary of...
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Andrew, who is single, retired from his job this year. He received a salary of $22,000 for the portion of the year that he worked, tax-exempt interest of $3,800, and dividends from domestic corporations of $2,600. On September 1, he began receiving monthly pension payments of $900 and Social Security payments of S500. Assume an exclusion ratio of 40% for the pension. Andrew owns a duplex that he rents to others. He received rent of $11,000 and incurred $16,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Requirement Compute Andrew's adjusted gross income. Gross income Minus: Deductions for Adjusted gross income Adjusted gross income
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