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1.     During 2019 Richard and Denisa, who are married and have two dependent children, have the following

income and losses:

Total salaries                                                            $150,000

Bank account interest                                                 25,000

Short-term capital gains                                               4,000

Short-term capital losses                                           ( 1,500)

They also incurred the following expenses:

Qualified medical expenses                                     $ 8,000

State income taxes paid                                              12,000

Property taxes on home                                               2,300

Qualified residence interest                                            9,000

Investment interest expense                                        7,500

Cash charitable contributions                                   15,000

Tax return preparation fees                                         3,600

Unreimbursed employee business expenses           4,000

Compute Richard and Denisa's taxable income for the 2019 year.

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