Shela is single and works for a law firm. In the 2023 tax year, she made $110,000 this year in salary and $10,000 of gross interest income from a corporate bond. Her law firm withheld $16,000 of tax from her salary this year. In addition to the above, the following occurred this year:

• She paid $7,000 in interest on her mortgage for her primary residence.
• She had a rental loss (had greater expenses as a landlord than revenue) by $2,000.
• She sold stock she had held for 9 months at $4,000 less than her tax basis at the time of the sale.
• Shela owned a 20% interest in a partnership during the year. The partnership had a $20,000 loss from operations during the year and made no distributions.

Shela volunteers for the Red Cross using her legal skills to do administrative work for the charity. She estimates her time volunteering is worth $5,000.

Fill in the blank: Ignore your answer in a). Assume that Shelas AGI in 2023 is $148,380. The amount of itemized deduction Shela has available this year is $_______.

Ignore your answer in b). Assume that the amount of itemized deduction available is $13,665. Using the 2023 standard deduction amounts (assuming no additional amounts for age or blindness) from Appendix C in your book, determine whether Shela will itemize or take the standard deduction.

Fill in the blank: Ignore your answer in a) - c). Assume that Shelas taxable income is $136,970 and her employer withheld $16,000 in tax from their wages. Using the tax rate schedule from Appendix C in your book, the amount of taxes due or the amount of refund due is $_______. Remember that if the amount represents tax due this is entered as a positive value (e.g. syntax: a $5,000 tax due amount should be entered as 5000) whereas if the amount represents a tax refund this is entered as a negative value (e.g. syntax: a $5,000 tax refund amount should be entered as -5000). Assume AMT does not apply, and there are no tax credits available.