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QUESTION
Required: Solution: a. AGI ($40,000 + $5,000) Itemized deductions Personal exemption Taxable income $45,000 ( 10,000) ( 3,400) $31,600 a. b. What is
Required: Solution: a. AGI ($40,000 + $5,000) Itemized deductions Personal exemption Taxable income $45,000 ( 10,000) ( 3,400) $31,600 a. b. What is the amount of Ellens taxable income for 2007? What is the amount of Ellens total tax? P. I:3-17; Example I:3-21.
