Charles has AGI of $38,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land County real estate tax on the land School district tax on the land City special assessment on the land (replacing curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) $ 1,820 1,970 870 846 405 278 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.)

Charles has AGI of $38,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land County real estate tax on the land School district tax on the land City special assessment on the land (replacing curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) $ 1,820 1,970 870 846 405 278 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.)

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 55P

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Question

Subject: acounting

Charles has AGI of $38,000 and has made the following payments related to (1) land he inherited from
his deceased aunt and (2) a personal vacation taken last year.
State inheritance tax on the land
County real estate tax on the land
School district tax on the land
City special assessment on the land (replacing
curbs and gutters)
State tax on airline tickets (paid on vacation)
Local hotel tax (paid during vacation)
$ 1,820
1,970
870
846
405
278
Calculate the amount of taxes Charles may include in his itemized deductions for the year under the
following circumstances: (Leave no answer blank. Enter zero if applicable.)
Deductible taxes from AGI
c. Suppose that Charles holds the land for appreciation and that the vacation was actually a business trip. (Apply limits if
applicable)

Required information
[The following information applies to the questions displayed below.]
Charles has AGI of $38,000 and has made the following payments related to (1) land he inherited from
his deceased aunt and (2) a personal vacation taken last year.
State inheritance tax on the land.
County real estate tax on the land
School district tax on the land
City special assessment on the land (replacing
curbs and gutters)
State tax on airline tickets (paid on vacation)
Local hotel tax (paid during vacation)
G
a. Suppose that Charles holds the land for appreciation.
Deductible taxes from AGI
Calculate the amount of taxes Charles may include in his itemized deductions for the year under the
following circumstances: (Leave no answer blank. Enter zero if applicable.)
$
0
Show Transcribed Text
J
Required information
[The following information applies to the questions displayed below.]
State inheritance tax on the land
County real estate tax on the land
School district tax on the land.
$ 1,820
1,970
870
Charles has AGI of $38,000 and has made the following payments related to (1) land he inherited from
his deceased aunt and (2) a personal vacation taken last year.
City special assessment on the land (replacing
curbs and gutters)
Deductible taxes from AGI
846
405
278
State tax on airline tickets (paid on vacation)
Local hotel tax (paid during vacation)
b. Suppose that Charles holds the land for rent.
$ 1,820
1,970
870
Calculate the amount of taxes Charles may include in his itemized deductions for the year under the
following circumstances: (Leave no answer blank. Enter zero if applicable.)
846
405
278

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How much taxable income should each of the following taxpayers report? a. Kimo builds custom surfboards. During the current year, his total revenues are 90,000, and he incurs 30,000 in expenses. Included in the 30,000 is a 10,000 payment to Kimos five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives 9,000 in salary and 8,000 in tips. In addition, she engages in illegal behavior, for which she receives 10,000.
Subject: acounting
D
Suppose that Charles holds the land for appreciation. What is the deductible taxes from AGI?
Suppose that Charles holds the land for appreciation and that the vacation was actually a business trip. What is the deductible taxes from AGI?
Required information [The following information applies to the questions displayed below.] Charles has AGI of $45,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land County real estate tax on the land School district tax on the land $ 1,220 2,330 954 City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) 957 216 293 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) a. Suppose that Charles holds the land for appreciation. X Answer is complete but not entirely correct. Deductible taxes from $ AGI
! Required information [The following information applies to the questions displayed below.] Charles has AGI of $47,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. $ 1,480 2,110 State inheritance tax on the land County real estate tax on the land School district tax on the land 831 City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) 786 306 270 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) b. Suppose that Charles holds the land for rent. Deductible taxes from AGI
1. land he inherited from his deceased aunt and 2. a personal vacation taken last year $1,370 1,760 795 State inheritance tax on the land County real estate tax on the land School district tax on the land city special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation ) 714 360 224 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable.. Suppose that Charles holds the land for appreciation. Deductible taxes from AGI
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N23. Account
Charles has AGI of $45,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land $1,220 County real estate tax on the land 2,330 School district tax on the land 954 City special assessment on the land (new curbs and gutters) 957 State tax on airline tickets (paid on vacation) 216 Local hotel tax (paid during vacation) 293 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. b. Suppose that Charles holds the land for rent.
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