Get Answer please During the year, Walter had the following transactions:Salary$80,000Capital loss from a stock investment (4,000)Moving expense to change jobs(10,000)Received repayment of $10,000 loan he made to his brother in 2005 (includes interest of$1,000) 11,000 Property taxes on personal residence 2,000 Walters AGI is:a. $66,000b. $68,000c. $69,000d. $78,000e. None of the above

Step 1: Introduction to AGI (Adjusted Gross Income):Adjusted gross income is that part of the income…

Answered: During the year, Walter had the…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 47P

See similar textbooks

Similar questions

For the current year, santos has wages of $80,000 and the following property transactions: Stock investment sales— Long-term capital gain $ 9,000 Short-term capital loss (12,000) Loss on sale of camper (purchased four years ago and used for family vacations) (2,000) What is David's AGI for the current year? a.$76,000. b.$78,000. c.$89,000. d.$77,000.
Marvin had the following transactions: Salary $50,000 Compensation of body injury due to car accident 15200 Bank loan (proceeds used to buy personal auto) 10,000 Alimony payment to ex-wife (divorce settled in 2018) 6,000 Child support payment 12,000 Gift from aunt Gain from sale of city of Bloomington bonds 5,000 20,000 Interest from City of Bloomington Bonds 500 Interest received on the U.S. Government bonds 1,500 Interest received on corporate (GE company) bonds 350 Lottery winnings 500 Life insurance proceed after her grandmother died 150,000 Calculate Marvin’s AGI:
I. Problem Calculate Adjusted gross income for Sarah Smith based on the following information: salary $200,000 child support received $20,000 capital loss $5,000 Interest on State of California bonds $20,000 Interest on Federal treasury bonds $10,000 Sole proprietorship net income $40,000 Partnership loss $2,000 Unemployment compensation $20,000 Sarah received a gift of $10,000 from her father. Contribution to Individual Retirement Account $1,000 Sarah's brother Samuel paid back a $10,000 loan from 2015 Contribution to health savings account $1,000 Penalty for early withdrawal from a timed savings account $1,000. Rental income $20,000 Sarah found a ring with a fair market value of $2,000 on the bus. Sarah won $1,000 in scratch of lotto Sarah won $500 in a baking contest. Sarah had qualified student loan interest of $1,000 Sarah received alimony of $40,000 divorce decree signed in 2012 Sarah received a legal settlement of $20,000 in payment for a broken ankle she incurred during a…
During the current year, Irving, an individual, had long-term capital losses of $2,000 and short-term capital losses of $1,500. If this is the first year Irving has experienced capital gains or losses, what amount of these losses may Irving deduct this year? Group of answer choices A.$3,500 B.$3,000 C.$1,750 D.$2,500
Saladin lists the ff possible items of gross income: Compensation Income – 200K Winnings from gambling – 100K Increase in value of investments – 50K Appreciation in the value of the land owned – 300K Debt of Saladin cancelled by creditors in consideration for services he rendered to them – 150K Debt of Saladin cancelled by his creditor out of affection – 250K Loan received from a bank – 400K How much is the total gross income of Saladin?
Jerry and Ann paid the following amounts during the current year: Interest on automobile loan $1,500 Interest on bank loan (proceeds were used to purchase municipal bonds) $5,000 Qualified home mortgage interest $3,150 What is the maximum amount they can use as interest expense in calculating itemized deductions for the current year? a.$6,500 b.$3,150 c.$8,150 d.$4,650 e.None of these choices are correct.
Mike Mitchell had the following capital transaction during the current tax year: Short-term Long-term Gains $6,000 $23,000 Losses ($9,000) ($10,000) What portion of Mike's capital gains is included in his adjusted gross income? $2,000 $3,000 $4,000 $5,000 $10,000
Calculate Gross Income For D Douglass based on the following facts:(Provide an explanation for why you did or did not include an item in gross income)Salary $200,000Sole proprietorship income $50,000Interest from State of Georgia bonds $40,000Capital gain $20,000Darla inherited $400,000 from her great aunt Dora.Darla won $4,000 at Church BingoDarla's brother Darren paid back $60,000 on July 1, 2018, he had borrowed the money from Darla in2011.Darla received a $50,000 legal settlement from a broken leg that she incurred in a car accident.Dividends $20,000Unemployment compensation $10,000Child Support $30,000Alimony divorce decree was signed in 2012, $60,000Darla found a diamond bracelet on the beach. The bracelet has a fair market value of $30,000Darla received a gift of $70,000 from her mother.Partnership income $30,000Rental Income $15,000Darla was the beneficiary of a life insurance policy of her grandfather. She received $100,000 upon hisdeath in 2020.Interest from US Treasury Bonds…
A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss 50,000 Interest income on bank deposit 10,000 Capital gains (Assets held for 6 months) 20,000 Capital gains (Assets held for 3 years) Capital loss (Assets held for 7 months) 30,000 40,000 Determine the amount of taxable net income.
1. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings…
what is the amount of rogers 2021 NOL? net loss from business - (30,000) salary from employment-10,000 int income from savings -3000 net loss from rental of property -(5000) bet long term capital gain from sale of business property -7000 net short term capital loss -(4000) standard deductio -12,400
Dog Derek purchased a small business from Art on August 30, 2022. He paid the following amounts for the business: Fixed assets $170,000Goodwill 50,000Covenant not to compete 20,000Total $240,000 What amount can Derek deduct on his 2022 tax return as Section 197 intangible amortization? Use months, not days, in your computations. Round your answer to the nearest dollar.Can someone explain me this step by step. Im stuck here.

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS