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 Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 1RP

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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?
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
N23. Account
A) Suppose that Charles holds the land for appreciation. deductible taxes from AGI ( ) B) Suppose that Charles holds the land for rent. Suppose that Charles holds the land for rent.
Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $1,400 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,000. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,059. Louis’s itemized deductions included state income taxes paid of $2,530 and no other state or local taxes.
Required information [The following information applies to the questions displayed below.] Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. c. $600 for office supplies in May of this year. He used half of the supplies this year and he will use the remaining half by February of next year. After-tax cost
Subject : Accounting
Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,650. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income