Austin, a single individual with a salary of $100,000, incurred and paid the following expenses during the
Question:
Austin, a single individual with a salary of $100,000, incurred and paid the following expenses during the year:
Medical expenses ...................$5,000
Alimony ......................24,000
Charitable contributions ............... 2,000
Casualty loss on business property ............ 8,000
Casualty loss on rental property .............. 5,000
Personal casualty gains ................ 3,000
Personal casualty losses (after $100 floor) ........12,000
Non business bad debt ................. 6,000
Mortgage interest on personal residence ......... 4,500
Property taxes on personal residence ........... 4,200
Moving expenses ................... 2,500
Contribution to a traditional IRA ............ 4,000
State income taxes ................. 1,300
Unreimbursed employee expenses ............ 2,500
Investment income ................. 6,000
Investment expenses ................. 8,000
Calculate Austin's AGI and taxable income.
Step by Step Answer:
To calculate AGI one needs to first find out thegross income This is the sum of all the money earned during the year Money sources constitutes Persons ...View the full answer
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
