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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
1) During the current year, Donna, a single taxpayer, reports the following items income of income and expenses:<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
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Income:
Salary $86,000
Municipal bond interest 1,300
Bank account interest 2,300
Alimony received 24,000
Capital gain on an asset held less than one year 3,000
Rental income from residential rental house 12,500
Expenses/losses:
Interest on principal residence 8,000
Real estate taxes on principal residence 1,000
Capital loss on an asset held less than one year 7,000
Expenses related to rental property
Mortgage interest 6,000
Repairs 2,400
Taxes 700
Depreciation 1,200
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Compute Donna's taxable income. (Show all calculations in good form.)
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