James_Holliday_Week 2 - $500 Gross income $49,800 Less:...

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Problem 4-25 Rent received January 09 $5,000 Rent received December 09 $4,000 Rental Income $9,000 Problem 4-32 a) No income b) Deduction to Arnold but no income to Barbara c) Income to Barbara Problem 4-38 Salary $45,000 Interest on bank accounts $800 Dividends $500 Rental income $3,000 Rental income
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Unformatted text preview: $500 Gross income $49,800 Less: Itemized deductions $12,000 $37,800 Less: Exemptions $10,950 Taxable income $26,850 Problem 6-29 a) Not deductible b) Not deductible c) Not deductible d) Deductible e) Not deductible f) Not deductible Problem 6-34 No this cannot occur....
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