David and Renee Kimberly, ages 75 and 65, respectively, have the following sources of income: Their itemized
Question:
David and Renee Kimberly, ages 75 and 65, respectively, have the following sources of income:
Their itemized deductions total $11,000.
Compute their taxable income.
Transcribed Image Text:
Private pension receipts Social Security Interest on bank deposits Dividends from domestic corporations Interest on tax exempt securities $20,000 12,000 2,500 2,000 700
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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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