A married taxpayer, age 57, has the following receipts: During the tax year, the taxpayer pays $2,200
Question:
A married taxpayer, age 57, has the following receipts:
During the tax year, the taxpayer pays $2,200 in taxes on his rental property and $2,650 for its operation and maintenance. He had gambling losses of $65. He made no charitable contributions. Calculate the taxpayer's gross income, adjusted gross income, and taxable income.
Transcribed Image Text:
Salary Dividends from stock of domestic corporation Interest on state toll road bonds Gambling winnings Rents $50,000 1,455 750 110 5,600
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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