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47) Charles is a single person, age 35, with no dependents. In 2020, Charles has gross income of $75,000 from his sole proprietorship. Charles also

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47) Charles is a single person, age 35, with no dependents. In 2020, Charles has gross income of $75,000 from his sole proprietorship. Charles also incurs $80,000 of deductible business expenses in connection with his proprietorship. He has interest and dividend income of $22,000. Charles has $7,000 of itemized deductions. Charles's taxable income is

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