In 2016,Tom Is Single and Has AGI of $50,000

question 145

Essay

In 2016,Tom is single and has AGI of $50,000.He is age 70,has no dependents,and has itemized deductions (i.e. ,from AGI)of $7,000.Determine Tom's taxable income for 2016.

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Definitions:

City

A large human settlement, typically with extensive systems for housing, transportation, sanitation, utilities, land use, and communication.

State

A political unit with organized government, territory, and sovereignty, recognized as such in international law.

Program Expenses

Program expenses are costs directly associated with the operations and activities aimed at fulfilling an organization's mission, distinct from administrative or fundraising costs.

Contributed Income

Financial resources received by organizations, especially non-profits, from donations, grants, or philanthropic contributions.