Henry and Janice are married and file jointly. They have an AGI (and modified AGI) of $290,000, which includes $90,000 of salary, $170,000 of active business income, $10,000 of interest income, $15,000 of qualified dividends, and $5,000 of long-term capital gains. They have taxable income of $250,000. What is Henry and Janice's income tax liability this year, rounded to the nearest whole dollar amount?
Henry and Janice are married and file jointly. They have an AGI (and modified AGI) of $290,000, which includes $90,000 of salary, $170,000 of active business income, $10,000 of interest income, $15,000 of qualified dividends, and $5,000 of long-term capital gains. They have taxable income of $250,000. What is Henry and Janice's income tax liability this year, rounded to the nearest whole dollar amount?
Chapter17: Property Transactions: §1231 And Recapture Provisions
Section: Chapter Questions
Problem 51P
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Transcribed Image Text:Henry and Janice are married and file jointly. They have an AGI (and modified AGI) of $290,000, which
includes $90,000 of salary, $170,000 of active business income, $10,000 of interest income, $15,000 of
qualified dividends, and $5,000 of long-term capital gains. They have taxable income of $250,000. What is
Henry and Janice's income tax liability this year, rounded to the nearest whole dollar amount?
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