During the current year Sam Marzella a married taxpayer who files a joint return reports the...
Homework Answers
| Particulars | Amount | Amount |
| Salary income of SAM | $100000 | |
| (A) Rental real estate exemption of $25000 or actual rental real estate loss of of $15000 whichever is lower | $15000 | |
| (B) Less: Phase Out [($100000 - $100000) X 0.50] | ($0) | |
| Deductible Amount (A - B) | ($15000) | |
|
AGI |
$85000 |
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During the current year Sam Marzella a married taxpayer who files a
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his spouse. The taxpayer is the noncustodial parent of his
8-year-old child. His wife has signed Form 8832 giving him the
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AGI is $130,580. Compute the taxable income and income tax
liability.
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