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What is jeremiah and means gross income before adjustments

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Q1. Jeremiah and Megan had the following as income and expenses during the year

Self employment Activity

Gross income 35,000.00

Business license fee 500.00

Marketing expense 2,000.00

Salary paid to Megan 10,000.00

Jeremiah wage from his job 67,000

Interest from savings 1,500

Short term capital gain 15,000

What is Jeremiah and Means gross income before adjustments?

Q2. Jeremiah sold a piece of land on an installment sale basis to Megan on October 1 year 1. Jeremiah basis in the land was 150,000 and Megan purchased it for 1,500,000 payable in 3 annual installments of 500,000 on December 31 year 1,2, and 3. How much gain should Jeremiah report for year 1?

A. 450000

B. 500000

C. 1350000

D. 1500000

Reference no: EM131778367

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