This year, Lance, a single taxpayer, received a salary of $90,000 and dividend income of $5,000. He also purchased a home and paid the following
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This year, Lance, a single taxpayer, received a salary of $90,000 and dividend income of $5,000. He also purchased a home and paid the following expenses.
| Real estate taxes on home | $9,600 |
| Automobile registration based on car's value | 500 |
| Interest on debt of $800,000 to buy home | 8,000 |
| Charitable contributions | 6,000 |
| Investment management fees | 4,000 |
What is Lance's taxable income?
| $71,000 | ||
| $70,900 | ||
| $66,900 | ||
| $71,500 |
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Authors: John Hoggett, John Medlin, Lew Edwards, Matthew Tilling, Evelyn Hoggett Hogg
6th Edition
1742466354, 978-1742466354
