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
Number of dependents (children ages 17 and 18;
mother-in-law age 60) 3
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