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This year Jack intends to file a married-joint return with two dependents. Jack received $167,500 of salary and paid $5,000 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 $4,300 and $24,000 of alimony. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)

b. Suppose that Jack also reported income of $8,800 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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Financial Management, Finance

Category:- Financial Management
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