Aaron and Liz are married for 8 years and have the following income items as follows: Aaron's salary$44,000Liz's salary46,000Rent on apartment purchased by Liz 12 years ago9,000Interest income on a joint saving account 600Which of the following allocation of the income to Aaron and Liz is correct if they live in California and file their returns as married filing separately?

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Answered: Aaron and Liz are married for 8 years…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Aaron and Liz are married for 8 years and have the following income items as follows:

Aaron's salary	$44,000
Liz's salary	46,000
Rent on apartment purchased by Liz 12 years ago	9,000
Interest income on a joint saving account	600

Which of the following allocation of the income to Aaron and Liz is correct if they live in California and file their returns as married filing separately?

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