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    The taxpayer had a total taxable income of $10 million, with $7.5 million from business earnings, $1.9 million from lottery winnings, and $600,000 from an ex-wife gift. Total deductions were $182,000, resulting in a net taxable amount of $9.818 million and a net tax liability of $2.755 million.

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    The taxpayer had a total taxable income of $10 million, with $7.5 million from business earnings, $1.9 million from lottery winnings, and $600,000 from an ex-wife gift. Total deductions were $182,000, resulting in a net taxable amount of $9.818 million and a net tax liability of $2.755 million.

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    18 views3 pages

    Assignment

    Uploaded by

    LAKSHYA
    The taxpayer had a total taxable income of $10 million, with $7.5 million from business earnings, $1.9 million from lottery winnings, and $600,000 from an ex-wife gift. Total deductions were $182,000, resulting in a net taxable amount of $9.818 million and a net tax liability of $2.755 million.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 3

    INCOME

    Earnings from Business 7,500,000


    Lottery 1,900,000
    Gift Received From Ex-Wife 600,000
    Total Taxable Income 10,000,000

    Total Taxable Income 10,000,000


    Total Deductions 182,000
    Net Amount Total 9,818,000
    Net Taxable Liability 27,55,400
    DEDUCTIONS
    Life Insurance 50,000
    Tuition Fee for Daughter 50,000
    PFF 80,000
    Tax Rebate under 80 C 150,000

    Medical Test 6,000


    Medical Insurance 27,000
    Tax Rebate under 80 D(50,000 for Premium and 5,000 for Checkup) 32,000

    Total Deductions 182,000


    EXPENSES
    Family Trip 15,00,000
    Gift to Wife 4,50,000

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