17. A taxpayer is an occasional Gambler who won $15,000 at the casino for the tax year 2023 over the course of the tax year the taxpayer has a record of $18,763 and gambling losses if the taxpayer itemized is this statement correct. A.$15,000 can be reported as a loss on schedule a with an additional $3,763 carry forward B. 18,753 can be reported as a loss on the schedule C. C. The taxpayer is not allowed to carry for any access losses into 2024

17. A taxpayer is an occasional Gambler who won $15,000 at the casino for the tax year 2023 over the course of the tax year the taxpayer has a record of $18,763 and gambling losses if the taxpayer itemized is this statement correct. A.$15,000 can be reported as a loss on schedule a with an additional $3,763 carry forward B. 18,753 can be reported as a loss on the schedule C. C. The taxpayer is not allowed to carry for any access losses into 2024

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 23CE

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How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
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47. A taxpayer is an occasional gambler and won $15,000 at the casino for tax year 2020. Over the course of the tax year, the taxpayer has a record of $18,763 in gambling losses. If the taxpayer itemizes, is this statement correct? $18,763 can be reported as losses on the Schedule A. Yes No A taxpayer is an occasional gambler and won $15,000 at the casino for tax year 2020. Over the course of the tax year, the taxpayer has a record of $18,763 in gambling losses. If the taxpayer itemizes, is this statement correct? $18,763 can be reported as losses on the Schedule C. Yes No
20.A taxpayer certificate of deposit that was set to mature the end of next year is needed for a down payment on their residence the taxpayer decided to cash out the certificate of deposit now is the following scenario accurate. A. The taxpayer must report their total amount of interest and can deduct the penalty on their tax return. B. The total interest income of $1,600 and a taxpayer early withdrawal penalty is $300 the taxpayer net the two amount together and report $1300 interest on a schedule B. C. Both the total interest amount in the early withdrawal penalties are reported to the taxpayer on form 1099-INT.
8. Youngstown Decking is an accrual basis taxpayer. On July 1, 2022, Youngstown paid $22,800 cash for a comprehensive liability and property insurance policy that covers a 24-month period. The deduction for insurance expense for 2022 is: a.$11,400. b.$22,800. c.$6,650. d.$5,700. e.$950.
42. The does this situation accurately reflect the taxation of the item of miscellaneous income for tax year 2023 A. Interest earned on a $1 million dollar settlement that took 3 years to collect should be reported on schedule B. B. Attorney fees can be deducted from any lawsuit settled to come to the taxable amount. C. Hobby losses should be reported net on form 1040 schedule 1 line 8 . D. Hobby and come should be reported on form 1040 schedule 1 line 8.5
Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however a net loss of P500,000. For the taxable year 2021, it reported a net income of P300,000. How much NOLCO must have been used by the taxpayer in 2021? a. Zero b. 100,000 c. 300,000 d. 500,000
A calendar-year taxpayer had net Code Sec. 1231 losses of $8,000 in 2018. He had net Code Sec. 1231 gains of $5,250 and $4,600 in 2019 and 2020, respectively. There were no net Code Sec. 1231 losses in 2015, 2016, and 2017. What portion of the net Code Sec. 1231 gain is reported as ordinary income, and what portion is considered long-term capital gain in 2020? $5,250 is reported as ordinary income; no portion is treated as long-term gain. No long-term capital gain is reported and $3,400 is reported as ordinary income. $2,750 is reported as ordinary income and $1,850 is reported as long-term capital gain. $2,150 is reported as long-term capital gain and $2,400 is reported as ordinary income.
11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
! Required information Problem 7-45 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,600. Meg works part time at the same university. She earns $33,800 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. Problem 7-45 Part-a (Algo) a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? $ 9,800 (2,400) Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses 15,800 (6,400) Total tax liability
Required information Problem 8-77 (LO 8-5) (Algo) [The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,250. Last year, his total tax liability was $16,500. He estimates that his tax withholding from his employer will be $9,225. Problem 8-77 Part b (Algo) b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Dates April 15th June 15th September 15th January 15th Total Actual Withholding Required Withholding Over (Under) Withheld Penalty Per Quarter $ 0.00
LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?