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Compute the taxable income for 2012 for Aiden on the basis of the following information.
Aiden is married but has not seen or heard from his wife since 2010.Salary $ 80,000Interest on bonds issued by City of Boston 3,000Interest on CD issued by Wells Fargo Bank 2,000Cash dividend received on Chevron common stock 2,200Life insurance proceeds paid on death of Aunt Margie(Aiden was the designated beneficiary of the policy) 200,000Inheritance received on death of Aunt Margie 100,000Jackson (a cousin) repaid a loan Aiden made to him in 2008 (no interest was provided for) 5,000Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, charitable contributions) 9,000Number of dependents (children, ages 17 and 18; mother-in-law, age 60) 3 Age 43
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osalyn uses the Cash Method Of Accounting for Federal Income Tax purposes for her business, ROSALYN'S BOOKSTORE, and the business code for the business for Federal Income Tax purposes
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Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
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