Sandy earned a salary of $50,000 last year. her parents gave her a car valued at $23,000 for her birthday. in addition, she earned $1,200 in interest income on a savings account and inherited $75,000 from her grandmother's estate. what is the amount of sandy's gross income?

$51,200

Explanation:

Gross income computation includes all forms of income such as wages, rents, royalties, dividend etc. However, gifts and inheritances are not considered as a part of the gross income.

Therefore, Sandy's gross income consist of her salary, and the interest income

Sandy's Gross income = 50000 + 1200

                       = $51,200

The inheritance of her grandmother's estate and car gift are not included as a part of Sandy's gross income.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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