th, who is single (age 28) and has no dependents, had activity for 2021 as foll ry $ 85,000 dends 5,000 ital Gains 10,000 tal Losses (15,000) ery Winnings 10,000 th's expenditures for 2021 are as follows: ony (pre-2016 divorce) $ 20,000 Hical 8,000 perty Tax on Personal Residence 12,000 ritable Contributions 3,800 dit Card Payments (includes interest expense of $2,000) 8,500 at is Mitch's Regular taxable income for 2021? 53,300 50,975 58,975 14,700

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Ma1.

Please give only typed answer.

Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows:
Salary $ 85,000
Dividends 5,000
Capital Gains 10,000
Capital Losses (15,000)
Lottery Winnings 10,000
Mitch's expenditures for 2021 are as follows:
Alimony (pre-2016 divorce) $ 20,000
Medical 8,000
Property Tax on Personal Residence 12,000
Charitable Contributions 3,800
Credit Card Payments (includes interest expense of $2,000) 8,500
What is Mitch's Regular taxable income for 2021?
O 53,300
O 60,975
O 58,975
O 44,700
Transcribed Image Text:Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows: Salary $ 85,000 Dividends 5,000 Capital Gains 10,000 Capital Losses (15,000) Lottery Winnings 10,000 Mitch's expenditures for 2021 are as follows: Alimony (pre-2016 divorce) $ 20,000 Medical 8,000 Property Tax on Personal Residence 12,000 Charitable Contributions 3,800 Credit Card Payments (includes interest expense of $2,000) 8,500 What is Mitch's Regular taxable income for 2021? O 53,300 O 60,975 O 58,975 O 44,700
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