During the current year, Paul, a single taxpayer, reported the following items: Salary...
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Accounting
During the current year, Paul, a single taxpayer, reported the following items:
Salary $75,000
Interest on original loan incurred to purchase home 14,000
Taxes on home 3,500
Revenue from hobby 5,000
Interest on home equity loan incurred to purchase hobby assets 800
Expenses of hobby 8,500
Compute Paul's taxable income for the year.
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