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Mike, Single, Age 31, Reports the Following Items for 2019

question 50

Essay

Mike, single, age 31, reports the following items for 2019:  Salary $50,000 Nonbusiness bad debt (6,000) Casualty  Asset A (personal use property held for two years) —gain 3,000 Dividends 2,000 Interest expense on personal residence 10,000\begin{array}{lr}\text { Salary } & \$ 50,000 \\\text { Nonbusiness bad debt } & (6,000)\\\text { Casualty }\\ \text { Asset A (personal use property held for two years) —gain } & 3,000 \\\text { Dividends } & 2,000 \\\text { Interest expense on personal residence } & 10,000\end{array}

 Compute Mike’s taxable income for 2019.\text { Compute Mike's taxable income for } 2019 .

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