Kristina Karganova invites 14 relatives to a party: her mother, 3 aunts, 2 uncles, 2 brothers, 1 male cousin, and 5 female cousins. If the chances of any one guest arriving first are equally likely, find the probabilities that the first guest to arrive is as follows. (a) A brother or an uncle (b) A brother or a cousin (c) A brother or her mother

Kristina Karganova invites 14 relatives to a party: her mother, 3 aunts, 2 uncles, 2 brothers, 1 male cousin, and 5 female cousins. If the chances of any one guest arriving first are equally likely, find the probabilities that the first guest to arrive is as follows. (a) A brother or an uncle (b) A brother or a cousin (c) A brother or her mother

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter19: Family Tax Planning

Section: Chapter Questions

Problem 11DQ

See similar textbooks

Similar questions

Kristina Karganova invites 16 relatives to a party: her mother, 3 aunts,4 uncles, 3 brothers, 1 male cousin, and 4female cousins. If the chances of any one guest arriving first are equally likely, find the probabilities that the first guest to arrive is as follows. (a) A brother or an uncle (b) A brother or a cousin (c) A brother or her mother
Solve through IRAC (ISSUE, Rules, Analysis, Conclusion) method. Samuel Finley has two children, a daughter Lee and a son Keaton. Samuel has a lovely beach house in Palm Beach. Sam is terminally ill and has been told by his doctors that he has less than a year to live. Lee knows that Keaton is their father’s favourite child and that he had been named in the latter’s will to inherit the beach house. Lee knew that since their father did not have long to live and that he was 90 years old and starting to become mentally-weak, she could pressure him to transfer the Palm Beach beach house over to her even though Samuel may not totally understand what he was signing over. So, for four months, using pressure and threats, but more often with gentle but devious tactics, Lee succeeds in convincing Samuel to sign a transfer of property transferring the Palm Beach beach house over to her. As his last act, before he dies, Samuel wants to set aside the transfer of the beach house to Lee. Advise…
Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2019. They pay $7,000 in 2018 and $7,500 in 2019 for qualified adoption expenses. In 2019, Carl and Jenny have AGI of $150,000. a. what is the adoption credit Carl and Jenny can claim in 2019? b. How much credit could they calaim if the adoption fall through and is never fianlized? c. How much credit could they claim if their AGI was $217,160?
Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2020. They pay $7,000 in 2019 and $7,500 in 2020 for qualified adoption expenses. In 2020, Carl and Jenny have AGI of $150,000. How much credit could they claim if their AGI was $219,520?
Exactly who can be a “qualifying relative” and who can’t…??? Say, for example, that you are unmarried but have a “friend” who lives with you full-time / all year. It’s just the two of you (and maybe a quadruped or two). The apartment (or house) is in your name only and you pay all of the rent (or mort-gage) and for absolutely everything else because your friend is a “writer” who does nothing by way of work other than on a supposed novel – which of course brings in absolutely zero income because it never seems to get finished, much less published… Since you’re the sole breadwinner and it’s your apartment (or house), can you file as “Head of household” instead of as “Single”? Explain in 2-3 sentences.
You are a dual-income, no-kids family. You and your spouse have the following debts: Mortgage = $261,000; Auto loan = $10,000; Credit card balance = $2,150; and other debts = $6,200. Further, you estimate that your funeral will cost $9,000. Your spouse expects to continue to work after your death. Using the DINK method, what should be your need for life insurance? Total insurance need $ 288,350
Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2020. They pay $7,000 in 2019 and $7,500 in 2020 for qualified adoption expenses. In 2020, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2020?$ b. How much credit could they claim if the adoption falls through and is never finalized?$ c. How much credit could they claim if their AGI was $219,520? $
Carl and Jenny adopt a Korean orphan. The adoption takes two years and two trips to Korea and is finalized in 2023. They pay $8,000 in 2022 and $8,500 in 2023 for qualified adoption expenses. In 2023, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2023? b. How much credit could they claim if the adoption falls through and is never finalized? Feedback Check My Work C. How much credit could they claim if their AGI was $251,230?
Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and ia finalized in 2022. They pay $8,000 in 2021 and $7,500 in 2022 for qualified adoption expenses. In 2022, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "O". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2022? $ b. How much credit could they claim if the adoption falls through and is never finalized? $0 c. How much credit could they claim if their AGI was $229,410? $
Mark Rosenberg and Trina Adams are to be married in two months. Both are employed full time and currently have their own apartments. Once married, they will move into Trina's apartment because it is larger. They plan to use Mark's rent money to begin saving for a down payment on a home to be purchased in four or five years. Mark has a checking account at a branch of a large regional commercial bank near his workplace where he deposits his paychecks. He also has three savings accounts-one at his bank and two small accounts at a savings and loan association near where he went to college. Mark pays about $30 per month in fees on his various accounts. In addition, he has a $10,000 certificate of deposit (CD) from an inheritance; this CD will mature in five months. Trina has her paycheck directly deposited into her share draft account at the credit union where she works. She has a savings account at the credit union as well as a money market account at a stock brokerage firm that was set up…
Carey and Pat were good friends and neighbors in an upscale neighborhood near several highly rated golf courses in Arizona. During the winter, both Carey and Pat decided to rent their homes (at a premium) to groups of golfers from the New York area who wanted to get out of the snow and enjoy sunshine and golf for a couple of weeks during the winter. While their homes were rented, Carey and Pat vacationed together in Cancun. In January 2020, Carey rented his home for 14 days and received $14,000 in rent. Pat also rented his home for the same 14 days and received $16,000 in rent. Near the end of the 14-day rental period, Pat got a call from the renters, who wanted to extend their stay for one day. Pat agreed to the extension and charged the group $2,000 for the extra day. When preparing his 2020 tax return, Pat discovered that taxpayers who rent their home for more than 14 days are required to report all of their rental income on their tax returns. Pat didn’t think it was fair that he…
The Marco family—comprising Mrs. Marco aged 40, Mr. Marco, aged 39, and their three young children— relocated to Barcelona in January 2020 whenMrs. Marco received a job offer from an international firm. They rented a three-bedroom condominium in Barcelona for 2.150€ per month, whichincluded parking and fees.While renting made life easy, the Marco family began weighing the pros and cons of purchasing a flat, in the same building, that became available inJune 2020. The idea of home ownership as a form of long-term investment appealed to the couple. The preliminary rental payments could be used formortgage payments instead.While searching for the right property they found a nice apartment at one of the best locations of the city. The apartment was owned and had beenpromoted by a state-owned construction company and was offering two alternatives:Option I: renting the apartment with a perpetual contract, meaning forever.The family was very happy living in that area, and they had the chance…