What is their taxable income for 2009
Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of 11,750 and four exemptions.Assuming an adjusted gross income of 40,000, what is their taxable income for 2009?
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Sold stock in a nonpublic company with a book value of $4,000 and accepted a $5,000 non-interest-bearing note with a discount rate of 9%. The $5,000 payment is due on February 28, 2012. The stock has no ready market value.
Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of 11,750 and four exemptions. Assuming an adjusted gross income of 40,000, what is their taxable income for 2009?
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