Please see the attached MS word file for the question that I need help with.

Thanks!

1. Calculate Deborah's taxable income for the 2018 tax year based on the following information: Filing Status Single Dependents 0 Wages 105,000 Interest from municipal bonds 750 Interest from savings account 250 Gift from parents 6,000 Capital loss from sale of capital assets 4,000 Alimony payments received 2,400 IRA contribution 2,500 2. In your paper, you should address whether or not each is includable in or excludable from gross income and the rationale for your decision. Additionally: Discuss whether the tax provision for each item is in line with the Adam Smith's taxation cannons. Support your position with the most recent tax provisions, industry and scholarly sources