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Question: 350 ndividuals tax computation richard hartman age 29 single with...

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3-50 /ndividuals Tax Computation. Richard Hartman, age 29, single with no dependents, //received a salary of $62670 in 2018. During the year, he received $1.300 interest in- come from a savings account and a $1,500 gift from his grandmother. At the advice of his father, Richard sold stock he had held as an investment for five years, for a $3,000 gain. He also sustained a loss of $1,000 from the sale of land held as an investment and owned for four months. Richard had itemized deductions of $15,000. For 2017 compute the following for Richard: a. Gross income b. Adjusted gross income. c. Taxable income. d. Income tax before credits and prepayments (use the appropriate 2018 tax rate schedule located on the inside front cover). Income tax savings that would result if Richard made a deductible $2,000 contri- bution to a qualified Individual Retirement Account. e.
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