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Compute the after tax cost of sandy gambling

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Reference no: EM13887638

Sandy Assam enjoys betting on horse and dog races. This year, she won $4,308 and lost $6,735 on her gambling activities. If Sandy's marginal tax rate is 25 percent, compute the aftertax cost of her gambling assuming that:

a. She does itemize deductions.

b. She doesn't itemize deductions.

Reference no: EM13887638

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