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A married taxpayer, age 57, has the following receipts: Salary $50,000 Dividends from stock of domestic corporation 1,455 Interest on state toll road bonds 750
A married taxpayer, age 57, has the following receipts:
Salary $50,000
Dividends from stock of domestic corporation 1,455
Interest on state toll road bonds 750
Gambling winnings 110
Rents 5,600
During the tax year, the taxpayer pays $2,200 in taxes on his rental property and $2,650 for its operation and maintenance. He had gambling losses of $65. He made no charitable contributions. Calculate the taxpayers gross income and adjusted gross income, and taxable income. Show your work!
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