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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 55
John (age 51 and single) has earned income of $3,000.He has $30,000 of unearned (capital gain) income.
a.If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2011?
b.If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2011?
c.If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2011 if he has earned income of $10,000?
a.If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2011?
b.If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2011?
c.If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2011 if he has earned income of $10,000?
Explanation
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Individual retirement
Tax payers are al...
McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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