Problem
Herman inherits stock with a fair market value of s100,000 from his grand- father on March 1. On May 1, Herman sells half the stock at a gain of S10,000 and invests the S60,000 proceeds in Jordan County school bonds. The bonds' an- nual interest rate is 6%, which is paid on July 31 and January 31. On October 15, Herman receives a $2,200 dividend on the remaining shares of stock. How much gross income does Herman have from these transactions?