# Calculation of Gross Income

Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Kenâ??s modified adjusted gross income for purposes of the bond interest exclusion and for determining the taxability of his Social Security benefits is
\$70,000 and that Ken files as a single taxpayer. Determine Kenâ??s 2009 gross income.

a.Ken won \$1,200 in an illegal game of poker (the game was played in Utah, where gambling is illegal).

b. Ken sold 1,000 shares of stock for \$32 a share. He inherited the stock two years ago. His tax basis (or investment) in the stock was \$31 per share.

c. Ken received \$25,000 from an annuity he purchased eight years ago. He purchased
the annuity, to be paid annually for 20 years, for \$210,000.

d. Ken received \$13,000 in Social Security benefits for the year.

e. Ken resided in Ireland from July 1, 2008, through June 30, 2009, visiting relatives.
While he was there he earned \$35,000 working in his cousinâ??s pub. He was paid \$17,000 for his services in 2008 and \$18,000 for his services in 2009. Assume Ken elects to use the foreign-earned income exclusion to the extent he is eligible.

f. Ken decided to go back to school to learn about European history. He received a \$500 cash scholarship to attend. He used \$300 to pay for his books and he applied the rest toward his new car payment.

g. Kenâ??s son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken. Ken received the check on December 30 in the amount of \$1,100.

h. Ken received a \$610 refund of the \$3,600 in state income taxes his employer withheld from his pay last year. Ken claimed \$5,500 in itemized deductions last year (the standard deduction for a single filer was \$5,450).

i. Ken received \$30,000 of interest from corporate bonds and money market accounts.

Calculate the price
Pages (550 words)
\$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with AssignmentHelpWeb
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Excellent service - thank you!
Customer 452469, February 20th, 2023
Architecture, Building and Planning
The assignment was well written and the paper was delivered on time. I really enjoyed your services.
Customer 452441, September 23rd, 2022
Nursing
The paper was EXCELLENT. Thank you
Customer 452449, September 23rd, 2022
Anthropology
excellent loved the services
Customer 452443, September 23rd, 2022
Thank you!
Customer 452451, November 27th, 2022
Theology
Job well done and completed in a timely fashioned!
Customer 452451, November 18th, 2022
Job well done. Finish paper faster than expected. Thank you!
Customer 452451, October 3rd, 2022
Psychology
Thanks a lot the paper was excellent
Customer 452453, October 26th, 2022
Anthropology
Excellent services will definitely come back
Customer 452441, September 23rd, 2022
English 101
Very good job. I actually got an A
Customer 452443, September 25th, 2022
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend