Problem 4-49 (LO 4-3)Dulari, a single, member of the military, was stationed at Camp Pendleton, California. On July 1, 2022, her army company transferredher to Washington, DC, as a permanent duty station. Dulari was active duty for the entire year. During 2022, she incurred and paid thefollowing expenses related to the move:Pre-move house-hunting costsLodging and travel expenses (not meals) while movingCost of moving furniture and personal belongingsRequired:She did not receive reimbursement for any of these expenses from the army; her AGI for the year was $35,500. What amount canDulari deduct as moving expenses on her 2022 return?X Answer is complete but not entirely correct.Dulari's moving expenses deduction$ 2,2003,1503,2008,550 X

When military personnel is obliged to relocate because of employment obligations, their moving…

Answered: Dulari, a single, member of the…

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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Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses inconnection with her condo:Insurance $ 2,000Mortgage interest 6,500Property taxes 2,000Repairs & maintenance 1,400Utilities 2,500Depreciation 14,500 During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personalpurposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unlessotherwise specified, Alexa has no sources of passive income.Assume Alexa receives $30,000 in gross rental receipts. a. What effect do the expenses associated with the property have on her AGI?b. What effect do the expenses associated with the property have on her itemized deductions?
Ms. Suzanne Morphy is a full time architect. She is also sells vegetables on the side from a small farm she runs in her backyard. In 2018, the first year of operation, she had a loss of $43500 and deducted the maximum allowable amount. What is the amount of her farm loss carryover to future years that can be applied against future farm income?
LO.2Barbara incurred the following expenses during 2020: $840 dues at a health club she joined at the suggestion of her physician to improve her general physical condition, $240 for multiple vitamins and antioxidant vitamins, $3,500 for a smoking cessation program, $250 for nonprescription nicotine gum, $2,600 for insulin, and $7,200 for funeral expenses for her mother who passed away in June. Barbara's AGI for 2020 is $54,000. What is Barbara's medical expense deduction for 2020? 1
On February 2, 2019, Alexandra purchases a personal computer. The computer cost $1,800. Alexandra uses the computer 85% of the time in her accounting business, and the remaining 15% of the time for various personal uses. Calculate Alexandra's maximum depreciation deduction for 2019 for the computer, assuming half-year convention and she does not use bonus depreciation or make the election to expenses.
Shellie purchased a passenger automobile on March 2, 2018. She paid $65,000 for the automobile and can support business use of 85 percent. Calculate the amount of depreciation on the automobile for 2018 using the accelerated MACRS method (if available), assuming Shellie does not make the election to expense or claim bonus depreciation
Paige is a commissioned Navy officer and a lifelong Oregon resident. In 2021, she earned $8,400 in nontaxable combat pay while stationed overseas in a combat zone. She earned an additional $9,800 while stationed in South Korea. In May, she was transferred back to Oregon where she earned $29,000. Paige included $38,800 of her military pay in her federal AGI. How much is Paige's military pay subtraction on her Oregon return? $9,800 $15,800 $18,200 $38,800
Mr. Joplin sells a line of computer software for a company in Western Canada. In 2023, he was paid a base salary of $56,000 and received sales commissions of $88,200. He did not receive an allowance, nor was he reimbursed by his employer for any of his expenses. During the year, Mr. Joplin has the following employment-related expenses. View the expenses. View the additional information. k Required Determine Mr. Joplin's employment income for 2023. Ignore all GST/HST and PST implications. First, calculate the deductible CCA on the automobile used by Mr. Joplin. Enter the employment-related usage proportion as a percentage. Full capital cost allowance Employment-related usage proportion Deductible CCA on automobile Expenses Airline tickets Office supplies and shipping expenses Purchase of laptop computer Client entertainment Cost of new automobile (not zero-emission) Operating expenses of automobile $ 2,380 420 2,095 1,770 47,000 10,700 X Additional Information Assume that $390 of the…
Facts: Cheryl bought a home on April 1, 2023 for $370,000. The home was her principal residence until November 30, 2023 when she sold the home due to a job change that required her to move to another state (210 miles away). The home sold for $465,000. Cheryl is single and this was the first home she's ever owned. She made no significant improvements to the home while living there. Requirements: 1. Research the following issue: What is Cheryl's realized gain on the home sale? How much of the gain, if any, must be recognized on her 2023 tax return?
Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2022, at a price of $390,000. He rejected several offers in the $350,000 range during the summer. Finally, on August 16, 2022, he and the purchaser signed a contract to sell for $363,000. The sale (i.e., closing) took place on September 7, 2022. The closing statement showed the following disbursements: Real estate agent's commission Appraisal fee Exterminator's certificate Recording fees Mortgage to First Bank Cash to seller $21,780 600 300 800 305,000 34,520 Wesley's adjusted basis for the house is $200,000. He owned and occupied the house for seven years. On October 1, 2022, Wesley purchases another residence for $325,000. If an amount is zero, enter "0". a. Calculate Wesley's recognized gain on the sale. b. What is Wesley's adjusted basis for the new residence?
Kathi is a captain in the U.S. Air Force. In June 2022, her duty station changed from Travis Air Force Base in California to Fairchild AFB in Washington. She drove 830 miles and spent $1,300 to move her household items. Kathi also incurred costs of $880 when she sold her home in her former city. Included on her Form W-2, in box 12, is code P for $1,449. Kathi's moving expenses adjustment is _________.
Allan’s employer purchased a car in March 2019 at a cost of $44,000 GST inclusive and provided the car to Allan on 1 July 2019. Allan garages the car at his home each night from 1 July 2019 to 31 March 2020, excluding the month of December 2019. Allan travelled 40,000 kilometres in the car during the year, and the odometer and logbook records show that 20,000 kilometres were for business purposes and 20,000 kilometres were for private purposes. The operating costs of the car (not including deemed depreciation and deemed interest) were $9,000 (GST inclusive). Allan did not make any contribution but provided all the necessary documents for his employer to calculate his FBT liability. Question Assuming the employer elects to use the operating cost basis, explain and calculate the taxable value of the car fringe benefit and the FBT consequences for Allan’s employer.
Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Repairs & maintenance. Property taxes $ 1,000 500 3,500 900 650 Utilities Depreciation 950 8,500 During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions…

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