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QUESTION

Adjusted Gross Income. Amir, who is single, retired from his job this year.

Adjusted Gross Income. Amir, who is single, retired from his job this year. He received asalary of $25,000 for the portion of the year that he worked, tax-exempt interest of$3,000, and dividends from domestic corporations of $2,700. On September 1, he beganreceiving monthly pension payments of $1,000 and Social Security payments of $600.Assume an exclusion ratio of 40% for the pension. Amir owns a duplex that he rents toothers. He received rent of $12,000 and incurred $17,000 of expenses related to theduplex. He continued to actively manage the property after he retired from his job.Compute Amir’s adjusted gross income.

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