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PLEASE HELP ASAP This is for my accounting class US TAXATION LAWS I. Calculate Taxable Income for Samantha and Stuart Smith based on the following
PLEASE HELP ASAP
This is for my accounting class
US TAXATION LAWS
I. Calculate Taxable Income for Samantha and Stuart Smith based on the following Information The Smiths are married and file a joint return Salary $200.000 State of Tennessee Bond Interest S10,000 Found gold coin worth $5,000 at the beach Inherited $20,000 Relative repaid loan of $10,000 Capital Loss $2,000 Sole proprietorship income $40,000 Contribution to HSA $5,000 Mortgage Interest $60,000 Mortgage was signed in May 2018. Mortgage indebtedness $1,200,000 Alimony paid $30,00 divorce decree signed in 2013 Legal settlement Samantha broke her foot in a car accident $50,000 Life insurance proceeds paid upon Stuart's great grandfathers death.$10,000 Gift received $20,000 Lottery winnings $10,000 Real estate taxes paid $20,000 Charitable contribution $10,000 to American Kidney Association. Dividends received $5,000 Partnership loss $10,000 Rental income $5,000 State income taxes paid $20,000 Medical expenses $40,000 Student loan interest $2,000 Penalty for early withdrawal from a timed savings account $1,000 Won $10,000 in a golf tournament. Unemployment compensation $10,000 S Corp. income $5,000 Treasury Bond Interest $10,000 Contribution to qualified retirement plan $2,000
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