Juanita,single and age 43,had the following items for 2016:
Salary
$60,000
Interest income
6,000
Casualty loss on business property
(15,000)
Casualty loss on rental property
(5,000)
Loss on theft of securities
(8,000)
Personal casualty gains
9,000
Personal casualty loss (after $100 floor)
(13,000)
Other itemized deductions
(9,000)
Compute Juanita's taxable income for 2016.
Correct Answer:
Verified
$60,000
Interest income
6,000
...
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