Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and ia finalized in 2022. They pay $8,000in 2021 and $7,500 in 2022 for qualified adoption expenses. In 2022, Carl and Jenny have AGI of $150,000.If an amount is zero, enter "O".If required, carry any division out to four decimal places and round final answers to the nearest dollar.a. What is the adoption credit Carl and Jenny can claim in 2022?$b. How much credit could they claim if the adoption falls through and is never finalized?$0c. How much credit could they claim if their AGI was $229,410?$

The federal government offers a non-refundable adoption tax credit to help adoptive parents cover…

Answered: Carl and Jenny adopt a Korean orphan.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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tim is living with his spouse in California when he finds out that his wife is having an affair. Tim packs his bags and leaves the state to move to Indiana, intending on filing separately. Tim and his spouse cohabitated until June. He earned $50,000 during the year, $30,000 of which was in California. She earned $60,000 during the year. How much wage income does Tim have on his California return and from whom? (Remember, the return is being filed separately) He has $50,000 in state wages from his pay only, since he's no longer in a community property state. He has $45,000 in state wages, with $15,000 from half of his state-sourced pay and $30,000 from her half of pay. He has $55,000 in state wages, with $25,000 from half of his total pay and $30,000 from her half of pay. He has $30,000 in state wages from his state-sourced pay.
Kristina just won the lottery, and she mustchoose among three award options. She can elect to receive a lump sum today of $62 million, to receive 10 end-of-year payments of $9.5 million, or to receive 30 end-of-year payments of $5.6 million.a. If she thinks she can earn 7% annually, which should she choose?b. If she expects to earn 8% annually, which is the best choice?c. If she expects to earn 9% annually, which option would you recommend?d. Explain how interest rates influence her choice.
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
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Jones and his 6 year old son live with uones' father Bidwell for the whole year, Jones has an Adjusted income of $15,000 and Mr. Bidwell has an AGIof $25,000. Jones is single. Gross Required a. Who can claim the 6-year old boy for Ec credit? b. What is your reason for answer in (a) above?
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
a.A was born in Chennai but later on migrated to Japan in June 2010 and took the citizenship of that country from December 2014. His parents were born in Punjab in 1950 and his grandparent was born in undivided Bengal in 1940. He comes to India during 2020-21 for 120 days. During the earlier immediately preceding four years he was in India for total of 375 days. Determine his residential status for the assessment year 2021-22. During the previous year he received `20,000 as dividend from an American company, is it taxable in India? b. Discuss the provision relating to income deemed to arise or accrue in India. A is a citizen of Nepal has a property in Delhi, which is on monthly rent of Rs. 20,000 he is also receiving pension from Indian Army for his services rendered Rs. 30,000 monthly. Discuss whether these are taxable in India. During the previous year 2020-21 he never visited India.
Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $750 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $8,000 and never have to pay annual membership dues. years, it's Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 a great deal. Suppose that the appropriate annual interest rate is 7.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $750 in annual membership dues? (Note: Round your answer up to the…
Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1 What amount will Chris and Allison report for taxable interest on their Form 1040? The couple's partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this…
For each of the following scenarios, answer these two questions: 1. Ďoes the contract fall under the provisions of the Australian Consumer Law (ACL)? (Answer 'yes' or 'no') 2. With reference to the ACL, explain why you said yes or no. a) Peach purchases a large silver and glass display cabinet for $32,00 for her clothing and jewellery shop. b) Maddy buys a second-hand BMW from her professor, Zoe, for $10,000. c) A large furniture company pays $9,000 for precious walnut timber to build a cupboard. d) Brittany buys herself a brand-new Corvette for her 21st birthday for $120,000. e) Oliver makes the winning bid of $5,000 for a set of golf clubs at a traditional auction.
i. Yuna, a Malaysian citizen is married to an Australian businessman. Since her marriage, she has resided in Australia and occasionally return to Malaysia to visit her family especially during the festival season. Yuna is then applied for a post with a Malaysian Education office in Australia and being hired in year 2022. ii. Iddin is a lecturer at public university in Malaysia and went on study leave to pursue his doctoral degree in Ireland for three years. Since he is employed by Government of Malaysia, thus he was fully-sponsored by the government on his study matters. Iddin left Malaysia on 16 February 2022. He came back to Malaysia only for a month on 1 October 2022 to 31 October 2022 and back to Ireland afterwards. Required: Ascertain the resident status for Yuna and Iddin for the year of assessment 2022.
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…

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