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Author Question: Kevin is a single person who earns $70,000 in salary for 2016 and has other income from a variety of ... (Read 161 times)

karateprodigy

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on: Sep 13, 2020

Question 1

Jeannie, a single taxpayer, retired during the year, to take over the management of some rental property. She had the following items of income and expense:



What is Jeannie's adjusted gross income for the year?

Question 2

Kevin is a single person who earns $70,000 in salary for 2016 and has other income from a variety of investments, as follows:



Kevin received tax refunds when he filed his 2015 tax returns in April 2016.  His federal refund was $600 and his state refund was $300. Kevin deducted his stated taxes paid in 2015 as an itemized deduction on his 2015 return.  Due to changes in circumstances, Kevin is not itemizing deductions on his 2016 return. 

Compute Kevin's taxable income for 2016.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by karateprodigy on Sep 13, 2020

dlook33

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Reply #1 on: Sep 13, 2020
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karateprodigy

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Reply 2 on: Sep 13, 2020
Wow, this really help

helenmarkerine

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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