Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 4, Problem 23CE
LO.3 Simba and Zola are married but file separate returns. Simba received $80,000 of salary and $1,200 of taxable dividends on stock he purchased in his name and paid from the salary he earned since the marriage. Zola collected $900 in taxable interest on a certificate of deposit she inherited from her aunt. Compute Zola’s gross income under two assumptions as to the state of residency of the couple. If an amount is zero, enter “$0.”
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Simba and Zola are married but file separate returns. Simba received $22,000 of salary and $28,100 of taxable dividends on stock he purchased in his name and paid from the salary that he earned since the marriage. Zola collected $1,600 in taxable interest on certificate of deposit that she inherited from her aunt.
Compute Zola’s gross income under two assumptions as to the state of residency of the couple.
If an amount is zero, enter "$0".
Idaho (Community Property State)
South Carolina (Common Law State)
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Chapter 4 Solutions
Individual Income Taxes
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