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Question: This year Jack intends to file a married-joint return with two dependents. Jack received $170,800 of salary and paid $7,050 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $7,400 and $31,300 of alimony. (Do not round intermediate calculations.)

a. What is Jack's adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI.

b. Suppose that Jack also reported income of $11,300 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93076407

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