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Describe five major income exclusions

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Reference no: EM133211750

Assignment - Income Taxable Accounting & Finances

Q1- Describe five major income exclusions. (According US Tax Law)

Q2. Richard is a single taxpayer provided the following information for 2013:

Salary $88,000

Interest on local government bonds (qualifies as a tax exclusion) $7000

Allowable itemized deductions $15,000

Personal exemption $3,900

Required - What is his taxable income?

Reference no: EM133211750

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