Liz,who Is Single in 2019,lives in a Single Family Home

question 122

Multiple Choice

Liz,who is single in 2019,lives in a single family home and owns a second single family home that she rented for the entire year at a fair rental rate.Liz had the following items of income and expense during the current year. Income:
$\begin{array}{|l|c|}\hline\text { Gross salary and commissions from Ace }\\\text { Corporation }&\$50,000\\\hline \text { Rent received from tenant in Liz's rental house } & 13,000 \\\hline \text { Dividends received on her portfolio of stocks } & 5,000 \\\hline\end{array}$ Expenses:
$$\begin{array} { | l | l | } \hline\text { Interest and property taxes on her own home } & 9,000 \\\hline \text { Taxes, interest and repair expenses on rental house } & 3,500 \\\hline \text { Depreciation expense on rental house } & 2,300 \\\hline\end{array}$$ What is her adjusted gross income for the year?

• A)$64,300
• B)$53,200
• C)$62,200
• D)$68,000

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Definitions:

Terminal Illness

A disease or condition that is ultimately fatal, with no potential for cure or significant prolongation of life.

Dying Role

A concept in sociology and psychology that examines how individuals who are terminally ill adjust and behave in anticipation of death.

Resiliency

The capacity to recover quickly from difficulties or adapt in the face of adversity, trauma, tragedy, threats, or significant sources of stress.

Loved One

A term used to describe someone whom an individual holds dear and has a deep affection for, often a family member or close friend.