Sol and Julia Crane (both age 43) are married and will file a joint return for 2015. Sol earned a salary of $140,000 in 2015 from his job at Troy Corp., where sol is covered by his employer's pension plan. In addition, Sol and Julia earned interest of $3,000 in 2015 on their joint savings account. Julia is not employed. and the couple had no other income. On July 15, 2015, Sol contributed $5,500 to an IRA for himself, and $5,500 to an IRA for his spouse. The allowable IRA deduction in the Cranes' 2015 joint return is
a. $0
b. $3,000
c. $5,500
d. $11,000
Answer: C
Tax
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- Income in respect of a cash-basis decedent
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