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[ The following information applies to the questions displayed below. ] Ken is 6 3 years old and unmarried. He retired at age 5 5
The following information applies to the questions displayed below.
Ken is years old and unmarried. He retired at age when he sold his business,
Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial
information this year. Assume Ken files as a single taxpayer.
a Ken won $ in an illegal game of poker the game was played in Utah, where gambling is
illegal
b Ken sold sharac ctn f fnr $ a share. He inherited the stock two years ago. His tax
basis or investm Dantmant thin tah per share.
c Ken received $ from an annuity he purchased eight years ago. He purchased the annuity,
to be paid annually for years, for $
d Ken received $ in disability benefits for the year. He purchased the disability insurance
policy last year.
e Ken decided to go back to school to learn about European history. He received a $ cash
scholarship to attend. He used $ to pay for his books and tuition, and he applied the rest
toward his new car payment.
f Ken's son, Mike, instructed his employer to make half of his final paycheck of the year payable to
Ken as a gift from Mike to Ken. Ken received the check on December in the amount of $
g Ken received a $ refund of the $ in state income taxes his employer withheld from his
pay last year. Ken claimed $ in itemized deductions last year the standard deduction for a
single filer was $
h Ken received $ of interest from corporate bonds and money market accounts.
Complete page of Form through line and Schedule for Ken.
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