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  3. 17. taxpayer, mary, is a single individual with 20

17. Taxpayer, Mary, is a single individual with 2020 taxable pension income of $18,000, tax...

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17. Taxpayer, Mary, is a single individual with 2020 taxable pension income of $18,000, tax exempt interest income of $10,000, and Social Security benefits of $9,000. How much of the Social Security benefits will be taxable on Mary's 2020 federal income tax return? A $7,650 B 4,500 6,410 D 1,910 E None of the above 18. the Landlord rents a parcel of real estate to Tenant. During the term of the lease, Tenant locates a more suitable parcel and pays Landlord $10,000 in exchange for Landlord's agreement to terminate the lease. How should Landlord classify the $10,000 receipt for federal income tax purposes? A As advance rent to be capitalized and amortized over the remaining term original lease As a security deposit to be converted to rent income at the end of the original lease term. As a nontaxable receipt As rental income in the year of the receipt E None of the above B D

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