Tax Equation - A taxpayer calculated his gross income to be $180,000 and allowable deductions to be $70,000 and included the following in his calculations: In Gross Income - Gross proceeds from sale of inventory of - Proceeds from a sale of a Capital Asset - Non cash fringe benefits - Cash fringe benefits - Bad debts recovered - Interest from corporate bond received - Interest revenue from commercial bank - Depreciation recoupment on Capital Asset disposal - In Allowable deductions - Depreciation - Amortization - Interest expense from commercial bank - Private expenses - Per diem expense - Fringe benefits tax paid - Penalty on the fringe benefits tax that was pald $30,000 $20,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $10,000 $9,000 $8,000 $7,500 $6,500 $7,000 $6,000 - What is his correct gross income (assuming all the other figures are correct) - What is his correct allowable deduction? - What is his chargeable income? - What is tax payable - What is his exempt income