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What is net taxable? income

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During the current? year, Ted takes out a $70,000 ?loan, using stock he owns as collateral. He uses $28,000 to purchase a? car, which he uses? 100% for personal use. He uses the remaining funds to purchase stocks and bonds. He pays $5,600 interest on the loan.

Ted also reports the following for the? year:

AGI without any investment income $ 140,000
State income taxes paid 8,500
Dividend income 7,000
Interest income 2,700
Qualified residence interest 7,700
Investment expenses (exclusive of interest) 8,600
Net short term capital gains 7,900
Net long term capital gain 8,900

Problem 1: Ted is single. What is his net taxable? income?

Reference no: EM132694026

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