113013laxable income, Mr. Charles will report gross rents of a. $16,275 b. $16,2

Question

113013laxable income, Mr. Charles will report gross rents of a. $16,275 b. $16,225 c. $15,725 d. $15,500 e. None of the above 9. On June 30%2015 Jerry Anders, age 68, received $20,000 under a life insurance contract and a $4,000 payment from his wife's employer both paid to him as beneficiary upon the death of his wife. On November 10, 2015, Mr. Anders sold the personal residence in which he had lived for the past ten years. The adjusted sales price was $219,000 and the realized gain was $6,500. During 2015 he also received a bequest of municipal bonds valued at $100,000 upon which he received interest payments of $2,000. Mr. Anders' gross income for 2015 is: a. $24,000 b. $12,500 c. $6,000 $0 None of the above d. e.

Explanation / Answer

Question 13

Computation of J's Gross Income 2015

Queston -9 Gross Income of Jerry Andres Life Insurance on wife's death $ 4,000 Residence Cost $ 225,500 Adjusted Sale Price $ 219,000 Gain on sale of Residence $ 6,500 Interest on Municipal Bonds $ 2,000 Gross total Income $ 12,500 Death benefit $4000 from his wifes employer will considered in the gross income. So there fore the answer is (b)$12,500. His gross income is $12,500

Question 13

Computation of J's Gross Income 2015

J received on policy 1 ($1,100x12) $        13,200 J received on policy 2 ($4,400x12) $        52,800 Gross total income $        66,000 so the answer is (a)

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