Sh25 Camila, a single taxpayer, paid a total of $13,800 for expenditures that qualified as itemized deductions and had no qualified business income(QBI) for 2020. The 2020 standard deduction amount for the single filing status is $12,400. What is the total amount of From AGI deductions thatCamilla is allowed to deduct on her 2020 tax return?O a. $0.Ob. $13,800.c$12,400.O d. $26,200.

There is a limit or a certain calculations have to be made in order to compute the amount of the…

Answered: Camila, a single taxpayer, paid a total…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 31CE: Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For...

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Similar questions

During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?
Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For 2020, Emilys income tax information before taking into account the 2019 NOL is as follows: The 2019 single standard deduction is 12,200; Emilys itemized deductions will exceed the 2020 single standard deduction (after adjustment for Inflation). The medical expense AGI floor is 10% In 2019. How much of the NOL carryforward can Emily use in 2020, and what is her adjusted gross income and her taxable income?
B Corporation, a calendar year-end, accrual basis taxpayer, is owned 75 percent by Bonnie, a cash basis taxpayer. On December 31,2019, the corporation accrues interest of $4,000 on a loan from Bonnie and also accrues a $15,000 bonus to Bonnie. The bonus is paid to Bonnie on February 1,2020; the interest is not paid until 2021 . How much can B Corporation deduct on its 2019 tax return for these two expenses? $0 $4,000 $15,000 $19,000 $12,000
Renee and Sanjeev Patel, who are married, reported taxable income of 1,008,000 for 2019. They incurred positive AMT adjustments of 75,000 and tax preference items of 67,500. The couple itemizes their deductions. a. Compute the Patels AMTI for 2019. b. Compute their tentative minimum tax for 2019.
Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.

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