Compute the taxable income for 2022 for Aiden on the basis of the following information. Aiden is
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Compute the taxable income for 2022 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2020.
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Salary Interest on bonds issued by City of Boston Interest on CD issued by Wells Fargo Bank Cash dividend received on Chevron common stock Life insurance proceeds paid at death of aunt (Aiden was the designated beneficiary of the policy) Inheritance received at death of aunt Jackson (a cousin) repaid a loan Aiden made to him in 2016 (no interest was provided for) Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and charitable contributions) Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) Age $ 80,000 3,000 2,000 2,200 200,000 100,000 5,000 9,700 3 43
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The interest 3000 on the City of Boston bonds is an exclusion ie not taxable Also excluded from ...View the full answer
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Related Book For
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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