Juan\'s investment portfolio was valued at $125,640 at the beginning of the year

Question

Juan's investment portfolio was valued at $125,640 at the beginning of the year. During the year, Juan received $603 in interest income and $298 in dividend income.

Juan also sold shares of stock and realized $1,459 in capital gains. Juan's portfolio is valued at $142,608 at the end of the year. All income and realized gains were reinvested. No funds were contributed or withdrawn during the year. What is the amount of income Juan must declare this year for income tax purposes?
A) $0
B) $901
C) $2,360
D) $19,328

Could anyone also state formulas please? Thank you.

Explanation / Answer

Answer:C

The amount of income Juan must declare this year for income tax purposes: Particulars Amount($) Interest Income $                        603.00 Dividend Income $                        298.00 Capital Gains Realised $                     1,459.00 Total $                     2,360.00

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