During 2015, Travis takes out a $40,000 loan, using stock he owns as collateral. He uses $10,000
Question:
AGI without any investment income……………………$130,000
State income taxes paid ………………………………….. 8,400
Dividend income ………………………………………… 10,000
Interest income ………………………………………….. 2,100
Investment expenses (exclusive of interest) …………….. 8,000
Net short term capital gains ……………………………… 7,300
Net long term capital gain ……………………………….. 8,600
Travis is married and files a joint tax return. What is his net taxable income?
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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