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Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 51P
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Question
Transcribed Image Text:Cole, an unmarried individual with no dependents, has the following income items:
Interest income
Schedule C net profit
Cole has $9,650 itemized deductions and the Schedule C income is qualified business income (non-service).
$ 24,900
54,640
Required:
Compute Cole's income tax. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
AGI
Taxable Income
Income Tax
Amount
Transcribed Image Text:3
The Kigali's are married and file a joint return. Their AGI (earned income) was $15,510 and federal income tax withholding was $940.
They had no itemized deductions and two dependent children, ages 18 and 19.
es
Required:
If the Kigali are entitled to a $4,734 earned income credit, compute their income tax refund. Assume the taxable year is 2022. Use
Standard Deduction Table
Tax Refund
Check
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT