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Compute the taxable income for 2011 for Mattie on the basis of the following information. Mattie is married but has not seen or heard from the husband since 2009. Salary $70,000 Interest on bonds issued by AT&T Corporation 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid on death of Aunt (Mattie was the designated beneficiary of the policy) 100,000 Inheritance received on death of Aunt 200,000 Casey (a cousin) repaid a loan Mattie made to him in 2007 (no interest was provided for) 5,000 Itemized deductions (state income tax, property taxes on residence, Interest on home mortgage , charitable contributions 10,200 Number of dependents (children, ages 17 and 18, mother-in-law, age 60) 3 Age 40

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981412

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