A is single and has the following items of income and expense:

Salary $500,000

Bank interest income $30,000

Interest income on a bond issued by California $22,500

Contributions to an IRA (non- Roth) $1,200

State and local income taxes $25,000

Gambling losses $7,500

 

Compute A's taxable income for the year.

Answer rating: 100% (QA)

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