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What is gross income if sells some land

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Problem 1: lwood is retired. During 2020, he receives $11,000 in Social Security benefits. In addition, he receives $5,800 in cash dividends on stocks that he owns and $7,700 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 $10,700 in unemployment compensation?

c. He sells some land for $80,200 and he paid $43,600 for the land?

Reference no: EM132826532

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