Don Owns a Condominium near Orlando, California

question 4

Essay

Don owns a condominium near Orlando, California. This year, he incurs the following expenses in connection with his condo:
During the year, Don rented the condo for 70 days and he received $20,040 of rental receipts. He did not use the condo at all for personal purposes during the year. Don is considered to be an active participant in the property. Don's AGI from all sources other than the rental property is $132,500. Don does not have passive income from any other sources. What is Don's AGI?

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Definitions:

Cytosine

A pyrimidine nucleotide that pairs with guanine in DNA and RNA strands.

Thymine

is one of the four nucleobases in the nucleic acid of DNA that is represented by the letter T.

Nucleotides

The basic building blocks of nucleic acids (DNA and RNA), consisting of a sugar, a phosphate, and a nitrogenous base.

Amino Acids

The organic compounds that combine to form proteins, which are essential for the structure, function, and regulation of the body's tissues and organs.