Evaluate the income statement

Reference no: EM132219

Question:

Ivan and Irene have the given investment income:

Dividends (qualified) on Big Bank Stock $850
Dividends (qualified) on Big Gas Company Stock $470
Dividends (nonqualified) from Mango Mutual Funds $145
Interest on Washington State Munincipal Bonds $650
Interest on Big Electric Company Bonds $650

Ivan went to a local casino and won $6,000 playing Keno. Ivan had no other gambling income or loss for the year.

In February, Irene get $50,000 in life insurance proceeds from the death of her friend Sharon.

In July, Ivan's uncle Igor died and left him real estate undeveloped land worth $72,000.

Five years ago, Irene and Ivan were divorced. Ivan married Mary Molar, but that marriage did not work out and they were divorced a year later. Under their divorce decree, Ivan pays Mary $13,000 per year alimony. All payments were made on time during 2012. 3 years ago, Irene and Ivan were remarried.

Reference no: EM132219

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