Mr. and Mrs. H are married with two dependent children living with them. Their AGI is $360,000.
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Mr. and Mrs. H are married with two dependent children living with them. Their AGI is $360,000.
a. Using the worksheets in Appendixes 14-A and 14-B, compute the exemptions and the below-the-line deduction that they will report in computing taxable income. Assume that itemized deductions total $44,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss).
b. Now assume that itemized deductions total $13,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss). What amount will they report for deductions below-the-line?
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Related Book For
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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