a. Calculate the AGI. Less: AGI
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gadubhai
![Required information
[The following information applies to the questions displayed below.]
Read the following letter and help Shady Slim with his tax situation. Assume that gross income is $172,900 (which consists
only of salary) and filing status of single for the purposes of this problem.
December 31, 2023
To the friendly student tax preparer:
Hi, it's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more information
from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know.
I had to move this year after getting my job at Roca Cola. I moved on February 3 of this year, and I worked my job at Roca
Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving
company to move my stuff at a cost of $2,300, and I drove in my car. I got a hotel room along the way that cost me $65 (1
love Super 8!).
Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $900 in interest on my old
student loans this year.
Since Roca Coca (my employer) never started a retirement plan, I decided I should probably start saving for my golden
years. I contributed $3,000 to what the bank referred to as a regular IRA (or was it a REM?). Oh yeah, I also did a little
investing this year. I bought a limited partnership interest in Duds Ltd. for $10,000. I thought it was going to be a real
winner, but this year they took a bath. My portion of the loss was $8,000. Well, at least I did not actually do any work for
Duds, and I get the tax deduction - right?
That should be all the information you need right now.
a. Calculate the AGI.
Less:
AGI](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7db6a56-7736-4b62-96c8-5e8fcdabf8b4%2F6e234259-c654-4b1d-808d-f03106903108%2Fat4iq1g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Read the following letter and help Shady Slim with his tax situation. Assume that gross income is $172,900 (which consists
only of salary) and filing status of single for the purposes of this problem.
December 31, 2023
To the friendly student tax preparer:
Hi, it's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more information
from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know.
I had to move this year after getting my job at Roca Cola. I moved on February 3 of this year, and I worked my job at Roca
Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving
company to move my stuff at a cost of $2,300, and I drove in my car. I got a hotel room along the way that cost me $65 (1
love Super 8!).
Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $900 in interest on my old
student loans this year.
Since Roca Coca (my employer) never started a retirement plan, I decided I should probably start saving for my golden
years. I contributed $3,000 to what the bank referred to as a regular IRA (or was it a REM?). Oh yeah, I also did a little
investing this year. I bought a limited partnership interest in Duds Ltd. for $10,000. I thought it was going to be a real
winner, but this year they took a bath. My portion of the loss was $8,000. Well, at least I did not actually do any work for
Duds, and I get the tax deduction - right?
That should be all the information you need right now.
a. Calculate the AGI.
Less:
AGI
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