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What is the correct taxable income for tax year

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Reference no: EM132812008

Problem 1: For tax year 20×7, Mr. Kim determined his taxable income to be $100,000. Life insurance proceeds of $20,000, taxable interest income of $2,000 and life insurance premium of $7,000 are included in that amount. What is his correct taxable income for tax year 20×7?

a. $82,000

b. $87,000

c. $89,000

d. $100,000

Reference no: EM132812008

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