artner. What is Vanessa's minimum RRIF withdrawal
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![Vanessa Brown has a RRIF account and turned 70 years old in the current taxation year.
Vanessa informs you that the fair market value of her RRIF assets at the beginning of the
current taxation year is $475,000. Vanessa is a widow and does not have a common-law
partner. What is Vanessa's minimum RRIF withdrawal for the current taxation year?
OA. $95,000
OB. $25,000
OC. $25,080
O D. $23,750
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- In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________Jake pays the following amounts to his former spouse during the current year: What amount can Jake deduct as alimony for the current year? Assume that the divorce occurred before 2019. a. 0 b. 12,000 c. 22,000 d. 137,000Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
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