Question
This year, Lance, a single taxpayer, received a salary of $90,000 and dividend income of $5,000. He also purchased a home and paid the following
This year, Lance, a single taxpayer, received a salary of $90,000 and dividend income of $5,000. He also purchased a home and paid the following expenses.
| Real estate taxes on home | $9,600 |
| Automobile registration based on car's value | 500 |
| Interest on debt of $800,000to buy home | 8,000 |
| Charitable contributions | 6,000 |
| Investment management fees | 4,000 |
What is Lance's taxable income?
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South Western Federal Taxation 2017 Comprehensive
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
40th Edition
1305874161, 978-1305874169
