Question

In: Accounting

Which of the following must be included in Pete's income? 1. Short-term capital gains of $10,000...

Which of the following must be included in Pete's income?

1. Short-term capital gains of $10,000 from the sale of stock.

2. Long-term capital gains of $80,000 from the sale of rental real property.

3. Interest income from Pete's savings account.

4. Distribution of $30,000 from Traditional IRA.

Group of answer choices

1 and 2

1, 2, and 3

1, 2, 3, and 4

3 and 4

Expert Solution

The answer is 1,2,3 and 4

The reason is this all are part form of Pete's income

1. Short-term capital gains of $10,000 from the sale of stock.

2. Long-term capital gains of $80,000 from the sale of rental real property.

3. Interest income from Pete's savings account.

4. Distribution of $30,000 from Traditional IRA.

And hence 1,2,3 and 4 are taken in the calculation of pete's income

ekkarill92 answered 2 years ago

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