Mike and Betty Booth are retired and enjoy their golden years with sailing, spending time...
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Accounting
Mike and Betty Booth are retired and enjoy their golden years with sailing, spending time with their grandchildren, and participating in charitable activities. For 2019 they receive the following taxable income: fully taxable distributions from IRA accounts and Company retirement account--$150,000, recognized capital gains from their portfolio of $90,000, taxable interest income of $50,000, Dividends of $45,000, Passive income from k-1s of $70,000. Cash distributions from the same k-1s of $55,000. Betty receives rental income from a long-held property. The net taxable income from the rental activity is $8000. Mike serves as a Board member on a Public Company and has Director Fees of $75,000. Compute and prepare NII tax on Form 8960. You do not need to prepare any other forms. However, it would useful to compute Adjusted Gross Income based on the facts above.
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