Jacob has the following items of income in 2021: He has a salary of $100,000 He sells land for $12,000. The original purchase price is $4,000 He receives interest from a City of London Bond of $7,000 What is Jacob’s Gross Income? Group of answer choices a)$100,000. b)$107,000. c)$112,000.

Jacob has the following items of income in 2021: He has a salary of $100,000 He sells land for $12,000. The original purchase price is $4,000 He receives interest from a City of London Bond of $7,000 What is Jacob’s Gross Income? Group of answer choices a)$100,000. b)$107,000. c)$112,000.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 24CE

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Question

Jacob has the following items of income in 2021:

He has a salary of $100,000
He sells land for $12,000. The original purchase price is $4,000
He receives interest from a City of London Bond of $7,000

What is Jacob’s Gross Income?

Group of answer choices

a)$100,000.

b)$107,000.

c)$112,000.

d)$115,000.

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