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- Q1: Hansen bought his primary residence on 1/1/2010 for $400,000. He put $50,000 of his own money as the down payment, and borrowed $350,000 from a bank for the remainder of the purchase price. On 1/1/2021, he was laid off from his job, and he could not make his mortgage payments. On 3/30/2021, the bank foreclosed on the house, and took the house back from Hansen. On 3/30/2021, the house was worth $150,000, and he owed $300,000 to the bank. The bank sold the house for $150,000 which the bank used to pay off half of the $300,000 that Hansen owed. The bank forgave the remaining $150,000 that Hansen owed the bank, pursuant to the foreclosure. In 2021, how much taxable income does Hansen recognize from the bank forgiving the home loan to Hansen? a. $0 b.$150,000 c. $300,000 d. $400,000 Q2. Diamelle purchased a life insurance policy on her life, and named Eric, her husband, as the beneficiary. Diamelle paid $50,000 for the life insurance policy. Upon Diamelle’s death, the life insurance…q1 Steve worked as a tech supervisor for a computer company. In September of this year, he was laid off. He was paid unemployment compensation for the rest of the year totaling S7,000. Which of the following is true? a. Steve will have to report all S7,000 of the unemployment compensation as income. b. Unemployment compensation is never taxable. c.Steve will have to report $4,600 of the unemployment compensation as income. d. As long as the unemployment compensation payments are less than the taxpayer's previous salary, they are not taxable. e. None of these choices are true.8
- 48. PR.03-19 Problem 3-19 Bad Debts (LO 3.10) Sharon is an orthopedic surgeon. She performed a surgery 2 years ago and billed $10,000 to her patient. After 2 years of attempting to collect the money, it is clear that Sharon will not be able to collect anything. Sharon reports income on her tax return on the cash basis, so she only reports the income she actually receives in cash each year. Can she claim a bad debt deduction for the $10,000? because a deduction is allowed to the extent that income arising from the servicesRamona and Katie both work for the Julian Corporation and perform similar jobs. They earn the same wage, and the firm provides them with the same dollar value of benefits. But Ramona (who has young children has opted to spend most of her benefit dollars on childcare, while Katie is using hers to pay for tuition at a local community college. The fact that the firm offers these options suggests that it provides a cafeteria-style benefits program. ) a) True O b) False5. Unemployment insurance and permanent job loss. Workers sometimes lose their jobs due to international trade. These jobs are permanently gone, and many displaced workers have difficulty finding a similar job. The jobs they can find in a few months tend to offer much lower wages than their old job. Consider the following two proposals to provide unemployment insurance for such workers. Explain your arguments for or against each policy. a) Workers displaced from industries identified as impacted by foreign trade receive extended unemployment benefits. They will receive unemployment benefits for an extra 26 weeks beyond the normal 26 weeks eligibility. b) These workers receive unemployment benefits up to 26 weeks. In addition, if they accept a job at a lower pay than their old job, they are guaranteed 50% of the difference in earnings as a wage supplement for two years. (The government pays the supplement to the worker.)
- Isis quit her job at A Corp. While at A Corp., Isis was enrolled in their group health insurance plan. Now, Isis works for C Corp., which also has a group insurance plan. According to the Health Insurance Portability and Accountability Act, C Corp. must ______. a. pay A Corp. so that Isis can maintain her health insurance through A Corp b. wait to enroll Isis in C Corp.'s plan until she has been employed with the company for 1 year c. reimburse Isis for any out-of-pocket expenses she incurred while unemployed d. allow her to participate in the company group health insurance planIf an employee takes a customer to lunch and discusses business, can the employee deduct the cost of a meal? Explain. C O A. Employees can no longer deduct any portion of the cost of meals and entertainment. O B. Employees can deduct 50% of the entire cost. O C. Employees can deduct 50% of their own meals and entertainment that are business related but none of the cost of the customer's meal. O D. Employees can deduct 50% of their own meals and entertainment that are business related as well as 100% of the cost of the customer's meal.You are a small employer, and are considering adding a retirement plan for you and your employees, which plan(s) would you consider as candidates for this goal? SEPs, SIMPLE Plans, Keogh Plans? Why?
- Jan owns her own service business and also owns some blue-chip stock. She is starting to retire and she wants her son, Matt, to take over the business and also generally be in charge of looking after Jan. In X1, Matt began working for the business and Jan paid Matt a salary. She also signed over 25% of her own earnings to Matt. On July 1, X1, Jan gifted the blue-chip stock to Matt. On September 15, X1 the stock paid dividends. On her X1 tax return, Jan reported 75% of the earnings from her service business and none of the dividends (taking the position that these items were income to Matt). The IRS is auditing the return and assert that all of the business earnings and all of the dividends should have been reported by Jan. Required: Discuss a) the business earnings, and b) the dividends. Is the IRS correct? Why or why not? What information is needed to make the decision? Provide a couple of scenarios. Jan owns her own service business and also owns some blue-chip stock. She is starting…Hamza is a student of UTAS -Nizwa in the foundation program. He is actively searching for a job but fails to following statement is TRUE for Hamza ? O a . Hamza is considered as employed Hamza is considered as unemployed Hamza is not counted in the labor force Od Hamza is out of the labor force Clear my choiceHow much should a two-earner family have in reserves in case of a job loss? What about a single person?