Question: Microsoft AutoUpdate Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: $144,000 Gross receipts from business

the following items of income and expense during 2020: $144,000 Gross receipts

Microsoft AutoUpdate Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: $144,000 Gross receipts from business Business expenses Net capital gain Interest Income Itemized deductions (state taxes, residence Interest, and contributions) 180,000 22,000 3,000 24,000 If required, use the minus sign to indicate a negative AGI or a loss. a. Determine Mario's taxable income or loss for 2020. Adjusted gross income

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