Jeannie, a Single Taxpayer, Retired During the Year, to Take

question 69

Essay

Jeannie, a single taxpayer, retired during the year, to take over the management of some rental property. She had the following items of income and expense:
$\begin{array}{ll}\text { Salary prior to retirement date } & \$ 34,000 \\\text { Dividends from domestic corporation } & 4,000 \\\text { Interest from City of Los Angeles bonds } & 5,000 \\\text { Anntity ( } 60 \% \text { exclusion ratio) } & 12,000 \\\text { Share of partnership income } & 14,000 \\\text { Partnership distribution } & 10,000 \\\text { Rent income } & 17,000 \\\text { Rent expenses } & 9,000\end{array}$ What is Jeannie's adjusted gross income for the year?

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Definitions:

Z-score

A statistical measure that describes a value's relationship to the mean of a group of values, measured in terms of standard deviations from the mean.

Sampling Distribution

The probability distribution of a statistic based on a large number of samples or replicates.

Independent Samples

Two or more groups of data that are collected from unrelated or non-paired subjects.

Population Means

The average value of a particular characteristic across the entire population.