Juanita, Single and Age 43, Had the Following Items for 2014

question 53

Essay

Juanita, single and age 43, had the following items for 2014:
$\begin{array}{lr}\text { Salary } & \$ 60,000 \\\text { Interest income } & 6,000 \\\text { Casualty loss on business property } & (15,000) \\\text { Casualty loss on rental property } & (5,000) \\\text { Loss on theft of securities } & (8,000) \\\text { Personal casualty gains } & 9,000 \\\text { Personal casualty loss (after } \$ 100 \text { floor) } & (13,000) \\\text { Other itemized deductions } & (9,000)\end{array}$
Compute Juanita's taxable income for 2014.

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Definitions:

Normal Goods

Goods for which demand increases as consumer income rises.

Decrease in Income

A reduction in the amount of money received by an individual or entity, typically measured over a particular period of time.

Market Quantity Supplied

The total amount of a specific good or service that is available to consumers in a market at a given price and time.

Sellers Bid

The price at which sellers are willing to sell a good or service, often in the context of an auction or market with direct seller-buyer interactions.