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- Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances: Calvin's AGI is $119,000.2(2 points) In 2019, Kelly buys a truck costing $35,000. She is going to use it for her construction business to deliver tools and materials as well as using the truck for personal use. During the year, she drove 25,000 miles for her business and 5,000 miles doing personal business. She incurs the following other expenses: $800 for Insurance, $250 for repairs, $950 for gas, and $125 for a property tax that the city levies on each vehicle within its limits that is not based on the value of the vehicle. The interest expense on the car loan is $350, What is the deduction using the standard mileage rate method and the actual cost method? $14,792; $2,063 O $1,750; $1,958 $14,500; $2,063 $14,792; $1,958N23. Account
- How much and where on the tax return would Jessica James, a cash-basis farmer, deduct $8,544 mortgage interest expense; 20% allocable to her home and 80% allocable to the farm land? (a) $1,709 on Schedule A, and $6,835 increases the basis of the farm land. (b) $1,709 on Schedule A, and $6,835 on Schedule F. (c) $6,835 on Schedule A. (d) $6,835 on Schedule F.An investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865Mr. Joshie, a Filipino citizen and a resident of Baguio City, won P10,000 in a PCSO draw last May 8, 2018. His income tax is:
- Justine Kofos purchased a house for $700,000 in Victoria for. The stamp duty payable is : Select one: a. $2,870 b. $44,870 c. $37,070 d. $26,990A widow received 50% of her husband’s estate, and each of her four sons received 25% of the balance. If thewidow and one of her sons received a total of $100,000 from the estate, what was the amount of the estate?4. Ms. JK recently made a gift to her 19-year-old daughter, Alison. Ms. JK's marginal income tax rate is 37 percent, and Alison's marginal income tax rate is 12 percent. In each of the following cases, compute the annual income tax savings resulting from the gift. a. The gift consisted of rental property generating $19,100 annual rental income to its owner. b. The gift consisted of a $4,625 interest coupon from a corporate bond owned by Ms. JK. c. The gift consisted of a $2,200 rent check written by the tenants who lease rental property owned by Ms. JK. d. The gift consisted of a corporate bond paying $13,300 annual interest to its owner.
- G15. Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James earned $44,700 in wages.A dditional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350.F rom this information, calculate their taxable income (in $).n 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 million in taxable gifts). Calculate the amount of gift tax due this year and Casey's unused applicable credit under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if applicable. a. This year Casey made a taxable gift of $1 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.Based on the ratio of 3:5:2, a father wants to distribute an amount of OMR 2,500 among his sons: Anas, Salim and Majid respectively. Majid will receive a. OMR 1,250 b. OMR 500 c. OMR 800 d. OMR 1,000