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Compute the taxable income for 2012 for aiden

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Reference no: EM13341391

Compute the taxable income for 2012 for Aiden on the basis of the following information.

Aiden is married but has not seen or heard from his wife since 2010.
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 on 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 2008 (no interest was provided for) 5,000
Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, charitable contributions) 9,000
Number of dependents (children, ages 17 and 18; mother-in-law, age 60) 3 Age 43

Reference no: EM13341391

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