LO.1, 4, 6 Miles (age 42) is a surviving spouse and provides all of the support of

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LO.1, 4, 6 Miles (age 42) is a surviving spouse and provides all of the support of his four minor children who live with him. He also maintains the household in which his parents live and furnished 60% of their support. Besides interest on City of Dallas bonds in the amount of $1,500, Miles’s father received $2,400 from a part-time job. Miles has a salary of $80,000, a short-term capital loss of $4,000, a cash prize of $1,000 from a church raffle, and itemized deductions of $9,500. Using the Tax Rate Schedules, compute the 2010 tax liability for Miles.

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South Western Federal Taxation 2011 Taxation Of Business Entities

ISBN: 9780538498616

14th Edition

Authors: James E. Smith, William A. Raabe, David M. Maloney

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