Rank the following three single taxpayers in order of the magnitude of taxable income. Assume none of the taxpayers contributed to charity this year. Note: First mean highest taxable income, third means lowest taxable income.   Ahmed Baker Chin Gross income $ 90,000 $ 90,000 $ 90,000 Deductions for AGI 14,000 7,000 0 Itemized deductions 0 7,000 14,000 Deduction for qualified business income 0 2,000 10,000

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 26P
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Rank the following three single taxpayers in order of the magnitude of taxable income. Assume none of the taxpayers contributed to charity this year.

Note: First mean highest taxable income, third means lowest taxable income.

  Ahmed Baker Chin
Gross income $ 90,000 $ 90,000 $ 90,000
Deductions for AGI 14,000 7,000 0
Itemized deductions 0 7,000 14,000
Deduction for qualified business income 0 2,000 10,000

 

 
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