LO 6.8 17. Cindy and Paul are married and live together in Arizona. During the year, Paul

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LO 6.8 17. Cindy and Paul are married and live together in Arizona. During the year, Paul receives a salary of $45,000 and $4,000 of dividends from stock that is his separate property. Cindy receives a salary of $27,000. Cindy and Paul receive $1,500 in interest income from a savings account that was established with community funds.

a. If Cindy and Paul file separate income tax returns, what amount of income must each report?

Cindy $____________ Paul $____________

b. If Cindy and Paul lived in Louisiana instead of Arizona, what amount of income would each report on separate income tax returns?

Cindy $ ____________ Paul $ ____________

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Income Tax Fundamentals 2011

ISBN: 9780538469197

29th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller

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