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Problem 3-25 (LO. 1, 8) The following information applies to Emily for 2020. Her filing status is single. Salary Interest income from bonds issued
Problem 3-25 (LO. 1, 8) The following information applies to Emily for 2020. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Taxable: Not taxable Taxable Taxable $85,000 1,100 6,000 6,000 25,000 2,500 500 40
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