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Through November, Tex has received gross income of $120,000. For December, Tex is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost of $4,000 which is deductible for AGI. In contrast, engagement 2 will generate $7,000 of revenue at a cost of $3,000, which is deductible as an itemized deduction. Tex files as a single taxpayer.
a) Calculate Tex's taxable income assuming he chooses engagement 1 and as- suming he chooses engagement 2. Assume he has no itemized deductions other than those generated by engagement 2.
b) Calculate Tex's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has $4,500 of itemized deductions other than those generated by engagement 2.
c) Calculate Tex's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has $7,000 of itemized deductions other than those generated by engagement 2.
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ABC recently reported $42,198 of sales, $13,908of operating costs other than depreciation, and $5,423 of depreciation. The company had no amortization charges and no non-operating income. It had $8,000 of bonds outstanding that carry a 10% in..
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Cassie is a single mother providing the sole support of her three children, who all live with her. Her 16 year-old daughter, Tammy, earned $15,200 modeling during the year and her two sons, R.J. and Will, ages 10 and 8, have no income.
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A corporation has income of $62,000 from operations and a long term capital loss of $5,000 and long term capital gain of $4,000. What is the corporation's taxable income?
sara lee corporation owns the subsequent brands ball pack franks sara lee bakery goods hillshire farms jimmy dean kiwi
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