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Peter Nerf, a single taxpayer, is an accountant employed by a large corporation. This year, he was transferred from the company's headquarters office to an
Peter Nerf, a single taxpayer, is an accountant employed by a large corporation. This year, he was transferred from the company's headquarters office to an office in another state. For the year, he had the following items of income and expenses:
Wages recieved from his employer | $75,000 | |
Moving Expenses: | ||
Expenses to move household furniture | $3,000 | |
Travel from old residence to new location | $700 | |
Temporary living expenses in new location | $2,100 | |
Real estate commission on sale of old home | $5,000 | $10,800 |
Medical expenses | $6,600 | |
Charitable contributions | $5,000 | |
Job related expenses (subscriptions, licenses, etc.) not reimbursed by Peter's employer | $2,350 |
Peter's moving expenses were not reimbursed by his employer. Assuming that he had no other taxable income, deductions or credits other than those listed above, calculate Peter's taxable income for the current year.
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