Linda and Don are married and file a joint return. In 2016, they received $12,000 in Social
Question:
a. Compute the couple's adjusted gross income on a joint return.
b. Don would like to know whether they should sell for $100,000 (at no gain or loss) a corporate bond that pays 8% in interest each year and use the proceeds to buy a $100,000 nontaxable State of Virginia bond that will pay $6,000 in interest each year.
c. If Linda in part (a) works part-time and earns $30,000, how much will Linda and Don's adjusted gross income increase?
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a Taxable Social Security benefits 535000 512000 32000 59000 4500 Pension benefits etc 35000 AGI 395...View the full answer
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Related Book For 
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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