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Chapter 3 Tax Formula and Tax Determination; An Overview of Propert) 29. LO.1...

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Accounting

Chapter 3 Tax Formula and Tax Determination; An Overview of Propert)
29. LO.1 Compute the taxable income for 2023 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2021.
Salary
Interest on bonds issued by City of Boston
Interest on CD issued by Wells Fargo Bank
Cash dividend received on Chevron common stock
Life insurance proceeds paid at death of aunt (Aiden was the designated beneficiary of the policy)
Inheritance received at death of aunt
Jackson (a cousin) repaid a loan Aiden made to him in 2017(no interest was provided for)
Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and charitable contributions)
Number of dependents (children, ages 17 and 18, and mother-in-law, age 70)
$80,000
3,000
2,000
2,200
200,000
100,000
5,000
15,200
3
43
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