For AGI/From AGI help please for Individual Taxation.

The the recomended formula for this problem is also attached During the year, Kent, a single taxpayer, reports the following items of income and expense: Income: Salary Dividends Interest income on savings Rental income from a small apartment he owns Expenses: Medical Interest on principal residence Real property taxes on principal residence Charitable contributions Casualty loss - personal Miscellaneous itemized deductions Loss from sale of stock held for two years Expenses incurred on rental income: Maintenance Property taxes Utilities Depreciation Insurance Alimony payments to former wife Amount $150,000 800 1,500 8,000 6,000 7,000 4,300 4,000 6,100 1,200 2,000 500 1,000 2,400 1,700 800 10,000 Required: Assuming all of these items are deductible and that the amounts are before any limitations, what is Kent's taxable income for the year? Solution Tax Formula for Individuals Income from whatever source derived: $- Total income Minus: Exclusions - - Gross Income Minus: Deductions for adjusted gross income (AGI) $Adjusted gross income (AGI) - Minus: Deductions from adjusted gross income (AGI) $Taxable income - Gross income tax (Use current year tax table) - Minus: Payments Net income tax payable or (refund due): $