Question
Compute the taxable income for 2014 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from
Compute the taxable income for 2014 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2010.
Interest on bonds issued by City of Boston $80,000 Interest on CD issued by Wells Fargo Bank $3,000 Cash dividend received on Chevron common stock $2,000 Life insurance proceeds paid on death of Aunt Margie (Aiden was the designated beneficiary of the policy) $200,000 Inheritance received on death of Aunt Margie $100,000 Jackson (a cousin) repaid a loan Aiden made to him in 2008 (no interest was provided for) $5,000 Itemized deductions (State income tax, property taxes on residence, interest on home mortgage, charitable contributions). $9,400 Number of dependents (children, ages 17 and 18; mother in-law, age 60) 3 Age 43
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