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Elwood is retired. During 2020, he receives $10,000 in Social Security benefits. In addition, he receives $6,000 in cash dividends on stocks that he owns and $8,000 in interest on tax-exempt bonds.
Assuming that Elwood is single, what is his gross income if
a. He receives no other income?
b. He also receives $11,000 in
c. He sells some land for $80,000 and he paid $45,000 for the land?
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