During 2015, Kent, a 40-year-old single taxpayer, reports the following items of income and expense:

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

During 2015, Kent, a 40-year-old single taxpayer, reports the following items of income and expense:

Income:

Salary …………………………………………………………….……..$150,000

Dividends from Alta Corporation ……………………………….…….. 800

Interest income from a savings account ………………………….…….. 1,500

Rental income from a small apartment he owns ……………………….. 8,000

Expenses:

Medical …………………………………………………………..…….. 6,000

Interest on a principal residence ………………………………….…….. 7,000

Real property taxes on the principal residence ………………………….. 4,300

Charitable contributions …………………………………………………. 4,000

Casualty loss—personal ………………………………………………… 6,100

Miscellaneous itemized deductions …………………………………….. 1,200

Loss from the sale of Delta Corporation stock (held for two years) ……. 2,000

Expenses incurred on the rental apartment:

Maintenance ……………………………………………………………. 500

Property taxes …………………………………………………………… 1,000

Utilities …………………………………………………………………. 2,400

Depreciation ……………………………………………………………. 1,700

Insurance ……………………………………………………………….. 800

Alimony payments to former wife …………………………………….. 10,000

Assuming all of these items are deductible and that the amounts are before any limitations, what is Kent’s taxable income for the year?