Lynn and Dave, a married couple with a dependent child age 16, have AGI of $300,000 in

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Lynn and Dave, a married couple with a dependent child age 16, have AGI of $300,000 in 2017 and report the following itemized deductions before deducting any floors that may apply:

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What is their taxable income for 2017?

a. $232,000

b. $219,850

c. $219,000

d. $206,850

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Taxation For Decision Makers 2018

ISBN: 9781119373735

8th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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Question Posted: Mar 15, 2024 03:02 AM

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Lynn and Dave, a married couple with a dependent child age 16, have AGI of $300,000 in

Question:

Interest on their home acquisition mortgage ($900,000 principal amount) $40,000 Taxes Charitable contributions Medical expenses Miscellaneous itemized deductions 13,000 15,000 11,000 2,000

Step by Step Answer:

b 219850 300000 less 40000 mortgage interest less 13000 taxes less 15000 char...View the full answer

Taxation For Decision Makers 2018

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