Suppose that Diane
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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This year Diane intends to file a married-joint return. Diane received $192,300 of salary and paid $7,800 of interest on
loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses
of $8,600 and $30,700 of alimony to her ex-spouse, Jack, who she divorced in 2013.
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
b. Suppose that Diane also reported income of $5,150 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?
Diane's AGI](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Febce3401-b08b-400d-987a-43384d723837%2F1d03b27b-74e0-43f9-a711-cb62dc97099d%2Fl6a74nh_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
This year Diane intends to file a married-joint return. Diane received $192,300 of salary and paid $7,800 of interest on
loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses
of $8,600 and $30,700 of alimony to her ex-spouse, Jack, who she divorced in 2013.
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
b. Suppose that Diane also reported income of $5,150 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?
Diane's AGI
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