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Mike, Single, Age 31, Had the Following Items for 2014

question 64

Essay

Mike, single, age 31, had the following items for 2014:

 Salary $50,000 Nonbusiness bad debt (6,000) Casualties —indenendent events  Asset A (personal use property held for two years) — gain 3,000 Securities (stolen) -loss (8,000) Dividends 2,000 nterest expense on personal residence 10,000 Compute Mike’s taxable income for 2014\begin{array}{lr}\text { Salary } & \$ 50,000 \\\text { Nonbusiness bad debt } & (6,000) \\\text { Casualties —indenendent events }\\\text { Asset A (personal use property held for two years) — gain } & 3,000 \\\text { Securities (stolen) -loss } & (8,000 )\\\text { Dividends } & 2,000 \\\text { nterest expense on personal residence } & 10,000 \\\text { Compute Mike's taxable income for } 2014 &\end{array}

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