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- 50. Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left the following: a. Property inherited by Mr. O from his father who died February 14, 2013 b. Property inherited by Mrs. O from her father who died February 14, 2014 c. Property inherited by Mr. O from his mother who died February 14, 2015 d. Property inherited by Mrs. O from her mother who died February 14, 2016 c. Property acquired thru the labor of P3,000,000 1,200,000 1,800,000 1,400,000 Mr. O Mrs. O Mr. & Mrs. O (family bome) 2,000,000 1,500,000 2,400,000 1,600,000 f. Other personal property Deductions claimed by the estate: a. Funeral expense b. Unpaid mortgages on property in letters: a 500,000 c. Claims against the estate d. Accrued taxes (before the death of Mr.O) 220,000 b. 300,000 c. 180,000 d 200,000 170,000 80,000 Determine the net taxable estate assuming 1. Conjugal partnership of gains 2. Absolute community of propertyAnn, who is age 22, just returned to the work force last week after giving birth to twins. She has limited disposable income. She is healthy now but her family history indicates the incidence of stroke. She would like some insurance coverage for her children’s education in the event of her death. What kind of plan would you recommend to Cindy?Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0. 1, What is Wade's correct and most favorable 2019 filing status? 2. Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit. Wade is eligible to claim the Other Dependent Credit. Wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit. 3. Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents…
- Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $30,000 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $50,000 and the balance in her traditional 401(k) is $40,000. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent. a. If Kathleen receives a $10,000 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution? (answer is not 6200)Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5.• Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare.• Richard declined to receive advance child tax credit payments in 2021.• Richard’s earned income in 2019 was $19,000.• Richard and Isabella are U.S. citizens and lived in the United States all year in 2021.• Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 30. Richard is not eligible to claim the Qualifying Widower filing status. true or false 31. What is Richard’s adjusted gross income on his Form 1040? A. $41,500 B. $41,580 C. $41,600 D. $41,620 32. Richard is eligible to claim the child…Arnoid is single and has two children in college. Maureen is a sophomore, and Rick in a junior lboth within their first 4 vears of post-secondary educationi. Arnold pays $4.000 in tuition and fees for Maureen and $6.000 for her room and boand. Rick's tuition and fees are $2.000, and his room and board expenses are $3,600. Amolds adjusted gross income is $75.000. What is the maximum amount can he claim as higher education tax credits teither American Opportunity Tax Creditis) or the Lifetime Learning Crediti? CO $2.500 O s3.250 O 4500 O 4.750 O 5.000
- Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2019 traveling in Europe and was not a college student. He had gross income of $4,655 in 2019. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2019, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2019 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…Andy, 68, has a gross estate currently valued at $2,500,000 that consists primarily of highly appreciated growth securities. Within the last six months, Andy transferred $500,000 worth of these securities to his wife, Harriet. His cost in these securities was $200,000. Harriet recently died. The fair market value of the transferred securities at the time of her death was $500,000. The securities passed to Andy under the terms of Harriet's will. Which one of the following is an income tax implication of the transfer of stock? A) Andy must recognize $300,000 in capital gain on the stock as of Harriet's death. B) If Andy sells the stock he received from Harriet immediately after her death, his gain, if any, will be deemed to be short-term capital gain. C) Andy's basis in the stock is $200,000. D) Andy's basis in the stock is $500,000.Antwon is 21 and currently goes to college. His parents both work at high paying jobs and have health insurance through their employer. What would be Antwon's best resource for health insurance? Get Medicaid coverage. Continue on his parents' policy. Go without insurance until he gets a job. Get Medicare coverag
- Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to a traditional 401(k) on her behalf, Kathleen has contributed $43,680 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $72,800, and the balance in her traditional 401(k) is $55,200. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent. Problem 13-61 Part a (Algo) a. If Kathleen receives a $19,500 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution? Net distributionAlison and her husband, Tyrone, were married at the beginning of 2021. They separated on July 5, 2021, and Tyrone moved out of the house at that time. Their son, Cam (9), lived with Alison all year. Alison paid more than half of the total cost of keeping up the home in 2021. Alison and Tyrone's divorce was finalized on January 3, 2022. Alison does not wish to file a joint return with Tyrone. What is Alison's most advantageous 2021 filing status and standard deduction? Qualifying widow(er); $25,100. Head of household; $18,800. Married filing separately; $12,550. Single; $12,550.Natalie Bryan, a single adult who lives at 425 Flathead Way, Kalispell, Montana 59901, has three adult children (Daniel Bryan, Amanda Green, and Samantha Cruz). During the year, Natalie makes the following gifts to the children: To Daniel. Office building, I Helena acquired in 2011 at a cost of $900,000, current value $1,900,000. To Amanda. Rental cabins in Whitefish inherited in 2009 (value $1,000,000) from her father, current value $1,800,000. To Samantha. Vacation lodge on Flathead Lake acquired in 2015 at a cost of $800,000, current value $1,900,000. Requirements: Prepare 2022 gift tax return (Form 709) for Natalie (Social Security number 112-45-6787) to compute the total taxable gifts (line 3) for her; stop with line 3 of page 1, but complete page 2 and 3 of the return. Natalie made no taxable gifts in prior years.
