During 2019, Kent, a 40-year-old single taxpayer, reports the following items of income and expense: Salary $150,000

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During 2019, Kent, a 40-year-old single taxpayer, reports the following items of income and expense:

Salary

$150,000

Dividends from Alta Corporation

800

Indterest income from a savings account

1,500

Rental income from a small apartment he own

8,000

Expense:


Medical

6,000

Interset on a principal residence

7,000

Real property taxes on the principal residence

4,300

Charitable contributions

4,000

Loss from the sale of Delta Corporation stock (held for two years)

2,000

Expense incurred on the rental apartment:


Maintence

500

Property taxes

1,000

Utilities

2,400

Depreciation

1,700

Insurance

800

Alimony payments to former wife (divorced July 21, 2018)

10,000


The amounts above are before any limitations. What is Kent's taxable income for the year?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  answer-question

Federal Taxation 2020 Comprehensive

ISBN: 9780135196274

33rd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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