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John is a single person, age 45, with no dependents. In 2018, John has gross income of $75,000 from his sole proprietorship. John also incurs
John is a single person, age 45, with no dependents. In 2018, John has gross income of $75,000 from his sole proprietorship. John also incurs $80,000 of deductible business expenses in connection with his proprietorship.
He has interest and dividend income of $22,000. John has $7,000 of itemized deductions.
John's taxable income is
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