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Compute Aiden taxable income

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Problem - Compute Aiden's 2019 taxable income on the basis of the following information. Aiden is married but has not seen or heard from his wife for over three years.

Salary $80,000

Interest on bonds issued by City of Boston 3,000

Interest on CD issued by Wells Fargo Bank 2,000

Cash dividend received on Chevron common stock 2,200

Life insurance proceeds paid due to the death of Aunt Margie (Aiden was the designated beneficiary of the policy) 200,000

Inheritance received on death of Aunt Margie 100,000

Jackson (a cousin) repaid a loan Aiden made to him in 2013 (no interest was provided for) 5,000

Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, charitable contributions) 9,700

Number of dependents (children, ages 17 and 18; mother-in-law, age 60) 3

Age 43

Reference no: EM132654930

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