e income for 2017 for Aiden on the basis of the following en

e income for 2017 for Aiden on the basis of the following en is married but has not seen or heard from his wife since 31. LO.1 Compute the taxabl 2015. Salary Interest on bonds issued by City of Bostorn Interest on CD issued by Wells Fargo Bank Cash dividend received on Chevron common stock Life insurance proceeds paid upon death of aunt (Aiden was the 80,000 3,000 2,000 2,200 200,000 100,000 designated beneficiary of the policy) Inheritance received upon death of aunt Jackson (a cousin) repaid a loan Aiden made to him in 2011 (no interest was provided for) 5,000 Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and charitable contributions) 9,700 Number of dependents (children, ages 17 and 18, and 3 43 mother-in-law, age 70) Age

Solution

Taxable income of Aiden for 2017-

Salary $80000

Interest on bonds issued by City of Boston $3000

Interest on CD issued by Wells Fargo Bank $2000

Cash dividend received on Chevron common stock $2200

Total $87200