Neal,single and Age 37,has the Following Items for 2016

question 78

Essay

Neal,single and age 37,has the following items for 2016:
Salary
$50,000
Casualty loss on business property
(8,000)
Casualty loss on rental property
(5,000)
Personal casualty gains
3,000
Personal casualty losses (after $100 floor)
(12,000)
Interest expense on personal residence
(7,000)
Determine Neal's taxable income for 2016.

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Definitions:

Total Utility

The total satisfaction or benefit received from consuming a particular quantity of a good or service.

Donuts

A sweet, fried or baked pastry, often circular with a hole in the middle, available in various flavors and toppings.

Day

A day is a unit of time equivalent to 24 hours or the period it takes for the Earth to complete one full rotation on its axis.

Marginal Utility

The increased happiness or advantage received from using one more unit of a good or service.