13. Mr. Coleman, an unmarried individual, has the following income items: Interest income $24,200 Schedule C net profit 50,600 He has $9,300 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non-service). Compute Mr. Coleman's income tax.
13. Mr. Coleman, an unmarried individual, has the following income items: Interest income $24,200 Schedule C net profit 50,600 He has $9,300 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non-service). Compute Mr. Coleman's income tax.
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 5BCRQ
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