ACCOUNTING-Mark and Patricia report adjusted gross income
Mark and Patricia report adjusted gross income of $380,500 and itemized deductions of $64,000 for the interest on their home acquisition mortgage (principal amount of $890,000), taxes, and charitable contributions. They file a joint income tax return and claim their four children as dependents. What is their taxable income for 2015?Do not include commas in your answers. Round your answer to the nearest decimal place (e.g. 1525).
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