Irene is disabled and receives payments from a number of sources. The interest payments are from bonds that Irene purchased over past years and a disability insurance policy that Irene purchased herself.[cost account](02) Interest, bonds issued by City of Austin, Texas $ 4,800 Social Security benefits 10,200 Interest, U.S. Treasury bills 2,400 Interest, bonds issued by Ford Motor Company 2,700 Interest, bonds issued by City of Quebec, Canada 1,370 Disability insurance benefits 27,400 Distributions from qualified pension plan 7,700 Calculate Irene's gross income.

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 24P
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Irene is disabled and receives payments from a number
of sources. The interest payments are from bonds that
Irene purchased over past years and a disability
insurance policy that Irene purchased herself.[cost
account](02)
Interest, bonds issued by City of Austin, Texas
$ 4,800
Social Security benefits
10,200
Interest, U.S. Treasury bills
2,400
Interest, bonds issued by Ford Motor Company
2,700
Interest, bonds issued by City of Quebec, Canada
1,370
Disability insurance benefits
27,400
Distributions from qualified pension plan
7,700
Calculate Irene's gross income.
Transcribed Image Text:Irene is disabled and receives payments from a number of sources. The interest payments are from bonds that Irene purchased over past years and a disability insurance policy that Irene purchased herself.[cost account](02) Interest, bonds issued by City of Austin, Texas $ 4,800 Social Security benefits 10,200 Interest, U.S. Treasury bills 2,400 Interest, bonds issued by Ford Motor Company 2,700 Interest, bonds issued by City of Quebec, Canada 1,370 Disability insurance benefits 27,400 Distributions from qualified pension plan 7,700 Calculate Irene's gross income.
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