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John R. Lane (SSN 123-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 67. He lives with his dependent elderly mother whom he completely supports. John is a self-employed accountant who sees and consults his clients exclusively at his home office. Other relevant information includes: . Earnings from his consulting business: $95,000 Rents collected from properties John owns, including $1,000 rent deposit $22,000 Interest income treasury bonds) $500 Interest income (municipal bonds) $450 Life insurance payment to John $50,000 (John was a beneficiary on his father's life insurance policy and received a lump sum payment equal to the policy face value) Personal Deductible Expenses (Itemized Deductions) $16,300 Tax Withholdings (prepayments) $7.000 John receives monthly $1.000 pension plan distributions from his former employer's qualified pension plan: John contributed S84,000 to the plan. In addition, John was in a car accident and received the following settlement from an insurance company: $12,000 for the physical injury that he sustained. $3.000 for the relating emotional distress, and S4,000 in punitive damages. John R. Lane (SSN 123-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 67. He lives with his dependent elderly mother whom he completely supports. John is a self-employed accountant who sees and consults his clients exclusively at his home office. Other relevant information includes: . Earnings from his consulting business: $95,000 Rents collected from properties John owns, including $1,000 rent deposit $22,000 Interest income treasury bonds) $500 Interest income (municipal bonds) $450 Life insurance payment to John $50,000 (John was a beneficiary on his father's life insurance policy and received a lump sum payment equal to the policy face value) Personal Deductible Expenses (Itemized Deductions) $16,300 Tax Withholdings (prepayments) $7.000 John receives monthly $1.000 pension plan distributions from his former employer's qualified pension plan: John contributed S84,000 to the plan. In addition, John was in a car accident and received the following settlement from an insurance company: $12,000 for the physical injury that he sustained. $3.000 for the relating emotional distress, and S4,000 in punitive damages

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