Blake is a limited partner in Kling-On Partners. This year Kling-On reported that Blake's share of dividend income was $3,700 and his share of municipal interest was $2,750. Early this year Blake found a bundle of $100 bills in the alley outside his apartment. When no one claimed the money, the cash (a total of $2,400) was returned to Blake. Finally, Blake earned salary of $42,000 but almost $6,500 was withheld for income taxes and FICA tax. Compute Blake's realized income and gross income.
What will be an ideal response?
$3,700 + $2,750 + $2,400 + $42,000 = $50,850 realized - $2,750 = $48,100 gross income
Realized income is $50,850 but gross income excludes municipal interest.
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