From the Information Given Below,determine Steve's Gross Income for Tax

question 62

Essay

From the information given below,determine Steve's gross income for tax purposes.
$\begin{array}{c}\begin{array}{|l|}\hlineSalary\\\hline\text{Interest (checking account)}\\\hline\text{Cash received as birthday gift}\\\hline\text{Dividends (mutual funds)}\\\hline\text{Child-support payments received from ex-wife}\\\hline\text{Life insurance benefits received after aunt's death}\\\hline\end{array}\begin{array}{l|}\hline\$ 32,000\\\hline\$ 25\\\hline\$ 1,000\\\hline\$ 5,500\\\hline\$24,000\\\hline\$ 50,000\\\hline\end{array}\end{array}$

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Definitions:

Multiple Stomas

The presence of more than one surgically created opening in the body to allow for the passage of bodily waste.

Flatus

Gas generated in the stomach or intestines that can be expelled through the rectum.

Ileum

The third and final part of the small intestine, which plays a critical role in absorbing nutrients and water.

Stoma

A surgically created opening on the surface of the body that connects an internal organ to the external environment.