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Sheena Maskell Sheena Maskell
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7 years ago
Randy and Sharon are married and have two dependent children. They also fully support Sharon's mother who lives with them and has no income. Their 2010 tax and other related information is as follows:

Total salaries - $160,000
Bank account interest income - $3,500
Municipal bond interest income - $1,500
Value of employer provided medical insurance- $5,500
Value of premiums for $50,000 of group term life insurance provided by employer - $500
Dividend incomefrom ABC stock, $2,000
Loan from Randy's parents - $5,000
Gift from Randy's parents - $15,000
Gain from the sale of qualified small business stock held more than 5 years - $15,000
Total itemized deductions - $16,000

Compute Randy and Sharon's taxable income. (Show all calculations in good form.)
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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MsLippyMsLippy
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7 years ago
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Sheena M. Author
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#2
7 years ago
Thank you so much
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