f Juan has an 18 year old son who is studying Agricultural Engineering, can Juan's son be a CARP beneficiary?
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If Juan has an 18 year old son who is studying Agricultural Engineering, can Juan's son be a CARP beneficiary?
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- Would you sign this return if you were Tom and Teri’s Paid Tax Preparer? Why or why not? Your clients, Tom (age 48) and Teri (age 45) Trendy, have a son, Tim (age 27). Tim lives in Hawaii, where he studies the effects of various sunscreens on his ability to surf. Last year, Tim was out of money and wanted to move back home and live with Tom and Teri. To prevent this, Tom lent Tim $20,000 with the understanding that he would stay in Hawaii and not come home. Tom had Tim sign a formal note, including a stated interest rate and due date. Tom has a substantial portfolio of stocks and bonds and has generated a significant amount of capital gains in the current year. He concluded that Tim is a deadbeat and the $20,000 note is worthless. Consequently, Tom wants to his son’s bad debt on his and Teri’s current tax return and net it against his other capital gains and losses. Tom is adamant about this!Should this be option D? Hasn't she reduced her estate by gifting shares to her three children?King Solomon is a rich farmer in Tetebia, a town in the Asou Municipal Assembly. He owns over 100,000 hectares of farmlands. However, he fears the worst might happen and wants to do some investments to secure his future and that of his children. He is contemplating some long-term investments he could undertake to secure his future and that if his children. He is now 50 years old and he plans to retire in 10 years from active farm work. He expects to live for another 25 years after he retires –that is, until age 85. He was advised by a friend that an investment in the financial market will help him plan his retirement well. He has no idea about financial markets and how they operate. You recently graduated from the School of Graduate Studies, University of Professional Studies, Accra and have just reported to work as an investment advisor at the brokerage firm of Cenden Ltd. King Solomon has approached your company for advice. Your boss, after a discussion with King Solomon gathered…
- X sold his dog to Y on 01 May 2022 with the stipulation that X will deliver the same on 20 May 2022. It turns out that the dog is pregnant and will be having her labour on 19 May 2022, who owns the puppies? a. Y because the contract was already perfected on 01 May 2022 b. X because the dog already gave birth before the delivery c. Both of the parties d. None of the partiesFred is a 22-year-old full-time college student. During 2022, he earned $2,550 from a part-time job and $1,150 in interest income. Required: If Fred is a dependent of his parents, what is his standard deduction amount? If Fred supports himself and is not a dependent of someone else, what is his standard deduction amount?Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2019 traveling in Europe and was not a college student. He had gross income of $4,655 in 2019. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2019, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2019 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…
- Sylvie lives in Ontario and has always contributed to the Canada Pension Plan (CPP). She is ready to retire at age 65 and is looking to receive the maximum CPP benefit. Joan is Sylvie's twin sister, who moved to Quebec when she was 18 to go to Concordia and has been there since. Both know that the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) are contributory pension plans that you receive based on the dollar value of contributions and the number of years that you contribute to the plan during your employment years. Since contributions can fluctuate over the years (i.e. loss of employment, years in university etc.), you can exclude certain amounts in þrder to receive a higher pension at retirement based on drop-out provisions. Name three exclusions that Sylvie and Joan may be eligible for to increase their CPP/QPP pension at retirement under the pension drop-out provisions. Sylvie (CPP): 1. 3. Joan (QPP): 1. 2. 3.Which of the following is most accurate? Multiple Choice If Jan, a 35-year-old teacher that makes $50,000 in 2019, and Jane, a 36-year-old grocery store clear that makes $48,000 in 2019, marry and file a joint return in 2019, they are likely to pay a "marriage penalty." If Jessica, a 35-year-old accountant that makes $250,000 in 2019, and Jason, a 35-year-old dog walker that makes $5,000 in 2019, marry and file a joint return in 2019, they are likely to be subject to a "marriage bonus." If Jack, a 35-year-old attorney that makes $1,000,000 in 2019, and Jill, a 36-year-old doctor that makes $800,000 in 2019, marry and file a joint return in 2019, they are likely to be subject to a "marriage bonus." If Janel, a 35-year-old nurse that makes $90,000 in 2019, and Jay, a 35-year-old that is "between jobs" for all of 2019 and thus makes $0 in 2019, marry and file a joint return in 2019, they are likely to receive a "marriage penalty."Sasha owns eight profitable rent properties and would like to shift some of this income to her children, Darius age 17, and Delilah age 11. Darius would be responsible for yard maintenance, snow removal, and other various jobs. Delilah would help her mom clean and maintain the apartment units. What factors should Sasha consider in setting an appropriate income for Darius and Delilah?
- Determine the number of dependents in each of the following independent situations: (for example, 1, 2, 3, and so on). Determine whether the individuals will qualify as the taxpayer's dependent in each of the following independent scenarios. Specify whether the dependent would come under the qualifying child category, the qualifying relative category, or "not applicable" (if the individual does not qualify as a dependent). a. Andy maintains a household that includes a cousin (age 12), a niece (age 18), and a son (age 26). All are full-time students. Andy furnishes all of their support, and all are “members of the household.” Cousin Niece Son b. Mandeep provides all of the support of a family friend's son (age 20), who lives with her. She also furnishes most of the support of her stepmother, who does not live with her. Family friend's son Stepmother c. Raul, a U.S. citizen,…Benjamin has the following dependents. child age 19 child age 15 mother age 67 How may of these dependents qualify for the $500 nonrefundable Credit for Other dependents in 2021?
