b. Suppose that Diane 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 Diane report under these circumstances? This year Diane intends to file a married-joint return. Diane received $179,500 of salary and paid $7,050 of interest onloans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expensesof $7,400 and $29,300 of alimony to her ex-spouse, Jack, who she divorced in 2012.

let's calculate Diane's Adjusted Gross Income (AGI) considering the additional information about her…

b. Suppose that Diane 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 Diane report under these circumstances?

b. Suppose that Diane 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 Diane report under these circumstances?

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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Transcribed Image Text:b. Suppose that Diane 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 Diane report under these circumstances?

This year Diane intends to file a married-joint return. Diane received $179,500 of salary and paid $7,050 of interest on
loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses
of $7,400 and $29,300 of alimony to her ex-spouse, Jack, who she divorced in 2012.

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