Use the information below to compute the 2017 taxable income and
tax liability for an unmarried taxpayer (age 52 with no
dependents). Prepare an analysis showing each item and amount under
the appropriate headings of (1) income, (2) gross income
exclusions, (3) total gross income, (4) deductions for AGI, (5)
AGI, and (7) taxable income.
Cash Received
Interest on savings account -- $1,728
Gift of money from parent -- $1,000
Rent from farmland owned -- $30,000
Proceeds of life insurance...