Compute the taxable income for 2019 for Emily on the basis of the following information. Her filing
Question:
Compute the taxable income for 2019 for Emily on the basis of the following information. Her filing status is single.
Salary.............................................................................................$85,000
Interest income from bonds issued by Xerox..............................1,100
Alimony payments received (divorce occurred in 2014).............6,000
Contribution to traditional IRA.......................................................5,500
Gift from parents...........................................................................25,000
Short-term capital gain from stock investment...........................2,000
Amount lost in football office pool..................................................500
Age.........................................................................................................40
Step by Step Answer:
South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109175
23rd Edition
Authors: Annette Nellen, James C. Young, William A. Raabe, David M. Maloney