Question
1. Austin, a single individual with a salary of $100,000, incurred and paid the following expenses during the year:
Medical expenses $5,000
Alimony 24,000
Charitable contributions 2,000
Casualty loss on business property 8,000
Casualty loss on rental property 5,000
Personal casualty gains 3,000
Personal casualty losses (after $100 floor) 12,000
Nonbusiness bad debt 6,000
Mortgage interest on personal residence 4,500
Property taxes on personal residence 4,200
Moving expenses 2,500
Contribution to a traditional IRA 4,000
State income taxes 1,300
Unreimbursed employee expenses 2,500
Investment income 6,000
Investment expenses 8,000
Calculate Austin’s AGI and taxable income.
Additional Requirements
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