30. LO.1 Compute the taxable income for 2012 for Aiden on the basis of the fol

30. LO.1 Compute the taxable income for 2012 for Aiden on the basis of the following information.

Aiden is married but has not seen or heard from his wife since 2010.

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

Life insurance proceeds paid on death of Aunt Margie

(Aiden was the designated beneficiary of the policy) 200000

Inheritance received on death of Aunt Margie 100000

Jackson (a cousin) repaid a loan Aiden made to him in 2008

(no interest was provided for) 5000

Itemized deductions (state income tax property taxes on

residence interest on home mortgage charitable

contributions) 9000

Number of dependents (children ages 17 and 18;

mother-in-law age 60) 3

Age 43