Question
A marriedtaxpayer, age 57, has the following receipts: Salary $50,000 Dividends from stock of domestic corportaion $1,455 Interest on state toll road bonds $750 Gambling
A marriedtaxpayer, age 57, has the following receipts:
Salary $50,000
Dividends from stock of domestic corportaion $1,455
Interest on state toll road bonds $750
Gambling winning $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 taxpayer's gross income, adjusted gross income, and taxable income.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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