ABC has the following information for 2020: Gross Sale400,000Cost of Sale100,000Long term capital gainShort term capital lossDividend from domestic corporationOperating expensesInterest Income from foreign bank depositAssuming ABC is a resident citizen with two dependents including her senior citizen mother, howlmuch is her taxable income using optional standard deduction?10,0005,00015,00020,00010,000

Answered: Assuming ABC is a resident citizen with…

Assuming ABC is a resident citizen with two dependents including her senior citizen mother, how much is her taxable income using optional standard deduction?

Entrepreneurial Finance

6th Edition

ISBN:9781337635653

Author:Leach

Publisher:Leach

Chapter3: Organizing And Financing A New Venture

Section: Chapter Questions

Problem 2EP

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Question

ABC has the following information for 2020:

Gross Sale
400,000
Cost of Sale
100,000
Long term capital gain
Short term capital loss
Dividend from domestic corporation
Operating expenses
Interest Income from foreign bank deposit
Assuming ABC is a resident citizen with two dependents including her senior citizen mother, howl
much is her taxable income using optional standard deduction?
10,000
5,000
15,000
20,000
10,000

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