This year Diane intends to file a married-joint return. Diane received $177,900 of salary and paid $9,200 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $5,350 and $28,500 of alimony to her ex-

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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This year Diane intends to file a
married-joint return. Diane received
$177,900 of salary and paid $9,200 of
interest on loans used to pay qualified
tuition costs for her dependent
daughter, Deb. This year Diane has
also paid moving expenses of $5,350
and $28,500 of alimony to her ex-
spouse, Jack, who she divorced in
2012.
b. Suppose that Diane also reported
income of $10,750 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?
Transcribed Image Text:This year Diane intends to file a married-joint return. Diane received $177,900 of salary and paid $9,200 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $5,350 and $28,500 of alimony to her ex- spouse, Jack, who she divorced in 2012. b. Suppose that Diane also reported income of $10,750 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?
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