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John R. Lane (SSN 123-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 66, provided 100% of his cousin's support. The cousin lives in Arizona. He wants to take advantage of the presidential election campaign check-off. John is an accountant. Other relevant information includes
Salary $20,000Taxable pension 31,000Interest income 300IRA deduction 3,000Itemized deductions (from Schedule A) 6,000Withholding 7,000
Assume that Schedule A, if necessary, has already been completed. Complete Form 1040.
Wainright Co. has identified an investment project with the following cash flows. What is the present value at 16 percent?
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