Pat, who is age 66 and single with no dependents, received a salary of $90,000 in 2016.
Question:
Medical expenses (before 7.5%-of-AGI floor) .............. $12,000
State income taxes .............................................. 4,100
Real estate taxes ................................................. 2,800
Mortgage interest on residence ............................... 3,100
Investment interest expense ................................... 1,800
Gambling losses ................................................ 5,100
Compute Pat's tentative minimum tax for 2016.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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