Jason and Jill are married and have a six-year-old daughter. During the year, they sell one acre of.

Jason and Jill are married and have a six-year-old daughter.
During the year, they sell one acre of land for $80,000. Three years ago, they
paid $70,000 for two acres of land. Their other income and deductions are as
follows:

Jill’s commissions                                                           &
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Jason and Jill are married and have a six-year-old daughter.
During the year, they sell one acre of land for $80,000. Three years ago, they
paid $70,000 for two acres of land. Their other income and deductions are as
follows:

Jill’s commissions                                                                        $
82,000

Jason’s salary                                                                                     46,000

Dividend income                                                                                5,000

Interest income                                                                                  8,000

Short-term loss on sale of stock in Nippon Inc.                (15,000)

Deductions for adjusted gross income                                   28,000

Calculate Jason and Jill’s taxable income and income tax
liability for the current year.

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