estate amounting to 125,000,000. This includes
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Mr. Dela Cruz died on March 10, 2019 with a gross estate amounting to 125,000,000. This includes
a family home with a current fair market value amounting to 12,500,000.
a. How much is the total allowable deduction?
b. How much is the total tax due of Mr. Dela Cruz for the taxable year 2019?
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- Shun Li sold a capital property on July 31, 2019 for $400,000. She received $100,000 at the time of sale with the balance of $300,000 payable on July 31, 2021. The adjusted cost base of the property was $160,000. The minimum taxable capital gain that Shun Li can report in the 2019 taxation year is: $30,000. $60,000. $120,000. $180,000.Jacinto sold a plot of land to Eva on July 31,2021 for $25000, and Jacinto basis in the property was 15000. Eva made one payment of $5000 during 2021 and agree to pay additional $5000 each year, plus interest for the next 4 years. Using the installment method what is Jacinto taxable gain for 2021Compute the taxable income for 2023 in each of the following independent situations. Click here to access the Exhibits 3.4 and 3.5 to use if required. a. Aaron and Michele, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $29,000. AGI Less: Itemized deductions Taxable income b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. AGI Less: Standard deduction Taxable income AGI Less: Standard deduction c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $76,800 and itemized deductions of $10,100. Taxable income $125,000 AGI Less: Standard deduction $80,000 d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has…
- In January of 2020, Joseph converted a building from a personal use asset to a business use asset. At the time of the conversion, Joseph's adjusted basis in the building was $75,000 and the building had a fair market value of value of $60,000. In June of 2020, Joseph sold the building to another individual taxpayer for $55,000. What is the amount of taxable income (or tax deduction) that Joseph must include on his 2019 tax return?Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2023 and 2024), Trevor expects to report salary of $98,000, contribute $8,600 to charity, and pay $3,250 in state income taxes. Required: a. Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction for both years.K a married taxpayer, makes the following gifts during the current year (2022): $18,000 to her church, $72,000 to her daughter, and $44,000 to her husband. Requirement What is the amount of Hannah's taxable gifts for the current year (assuming she does not elect to split the gifts with ther spouse)? (To arrive at taxable gifts, a $16,000 annual exclusion is allowed per donee for 2022. Complete all input fields Enter a "0" for any zero amounts.) Gift to daughter Gift to husband Total gift given ... Taxable gift
- Which of the following estates will need to file a federal estate tax return assuming that the decedent died in 2026: An unmarried decedent owned property worth $3,400,000? Assuming the mortgage is deductible, an unmarried decedent owned real estate worth $12,000,000 subject to $4,000,000 mortgage? An unmarried decedent owned property worth $11,000,000 and had made taxable gifts in 2004 of $1,000,000? A married decedent owned a house worth $12,000,000 jointly with her spouse? (Assume ½ of value will be included in the decedent’s taxable estate.)Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2022 and 2023), Trevor expects to report salary of $108,000, contribute $8,350 to charity, and pay $3,500 in state income taxes. Required: a. Estimate Trevor's taxable income for 2022 and 2023 using the 2022 amounts for the standard deduction for both years. b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2022. Estimate Trevor's taxable income for each of the next two years using the 2022 amounts for the standard deduction. c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $3,400 and $31,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2022 and 2023) using the 2022 amounts for the standard deduction and also assuming Trevor makes the charitable…A has AGI of $400,000 in 2022 and has medical expenses of $65,000 in 2022. In 2023, A’s insurance company reimburses him for $40,000 of those expenses. How much of the $40,000 does A have to include in computing its taxable income for 2023?
- In 2021, Avi, a single taxpayer, had taxable income of $110,000. This amount included short-term capital losses of $2,000 and long-term capital losses of $12,000. He had no other capital transations in prior years. What is Avi's capital loss carryover to 2022? - $0 - $9,000 - $11,000 - $14,000If we assume that Ben's taxable income is $465,000 before taking his capital transactions into account, and he recognized a $44,000 long-term capital gain, a $12,000 short-term capital gain, and a $10,000 long-term capital loss what is his total 2022 income and Medicare contribution tax.
