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- Bill and Ana were married on June 10, 1997. They have lived in California all their married life. Ana filed for divorce on December 1, 2019. Bill moved out of the house they owned jointly on May 10, 2021, but they continued with marriage counseling for several months which eventually failed. Their divorce was finalized on November 10, 2021. Under community property rules when did their community rights over joint assets end? OA) June 10, 1997. C) November 10, 2021. B) May 10, 2021. D) December 1, 2019.François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…Richard McCarthy (born 2/14/1966; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1968; Social security number 101-21-3434) have a 19-year-old son Jack, (born 10/2/2001; Social Security number 555-55-1212), who is a full-time student at the University of Key West. The McCarthys also have a 12-year-old daughter Justine, (Social Security number 444-23-1212), who lives with them. The McCarthys can claim a $2,000 child tax credit for Justine and a $500 other dependent credit for Jack. The McCarthys did not receive an EIP in 2020. Richard is the CEO at a paper company. His 2020 Form W-2 is provided. Christine is an optometrist and operates her own practice ("The Eyes of March") in town as a sole proprietor. The shop address is 1030 Morgan Highway, Clarks Summit, PA 18411 and the business code is 621320. Christine keeps her books on the accrual basis and her bookkeeper provided the following information: Gross sales $270,500 Returns 9,000 Inventory:…
- Lewis, age 26, and Oneida, age 25, are married and will file a joint return. They cannot be claimed as dependents by another taxpayer. Lewis and Oneida have no children or other dependents. Both work and neither are full-time students. Lewis earned wages of $10,400 and Oneida earned wages of $5,600. Lewis and Oneida are U.S. citizens and have valid Social Security numbers. Lewis and Oneida have investment income of $5,000. 3. Lewis and Oneida are eligible to claim the Earned Income Tax Credit (EITC) without a qualifying child. Sebastian and Ashley Miller are married and always file Married Filing Jointly. Sebastian earned $32,000 in wages and Ashley earned $24,000 in wages. The Millers paid all the cost of keeping up a home and provided all the support for their two children, Laura and Timothy, who lived with them all year. Laura is 14 years old and Timothy turned 17 in November 2022. Sebastian and Ashley did not have enough deductions to itemize,…Jermaine Watson is a single father with a son, Jamal, who qualifies as a dependent. They live at 5678 SE Stark St., Portland, OR 97233. Jermaine works at first bank of Oregon. Jamaal attends school and at the end of the school day he goes to a dependent care facility next-door to his school, where Jermaine picks him up after work. Jermaine pays $800 per month to the care facility (Portland Day Care, 4567 SE Stark St,. Portland, OR 97233. EIN 90-654-3210). Jermaine's W-2 from the first bank of Oregon is as follows: Wages (box 1) = $71,510.00 Federal W/H (Box 2) = $3,197.00 Social Security wages (box 3) = $71,510.00 Social Security W/H (box 4) = $4,433.62 Medicare wages (Box 5) = $71,510.00 Medicare W/H (Box 6) = $1,036.90 State Income Taxes (Box 17) = 1,134.90 Jermaine takes one class a semester at Portland State University towards an MBA degree. In 2019, he paid $1300 in tuition, $300 for books and $200 for a meal card. Jermaine has some investments in a New Zealand public…Jake is a chemist who never has owner real estate. Barney subdivides real estate as his primary business activity. They form a partnership. Two years later, the partnership sells one of its real properties at a gain after extensive marketing efforts. What are the tax consequences to the partners?
- ohn Smith, age 31, is single and has no dependents. At the beginning of 2014, Johnstarted his own excavation business and named it Earth Movers. John lives at 1045 Cen-ter Street, Lindon, UT, and his business is located at 381 State Street, Lindon, UT. TheZIP Code for both addresses is 84042. John�s Social Security number is 111-11-1111, andthe business identification number is 11-1111111. John is a cash basis taxpayer.During 2014, John reports the following items in connection with his business.Fee income for services rendered $460,000Building rental expense 36,000Office furniture and equipment rental expense 9,000Office supplies 2,500Utilities 4,000Salary for secretary 34,000Salary for equipment operators 42,000Payroll taxes 7,000Fuel and oil for the equipment 21,000 Purchase of three new front-end loaders on January 15, 2014, for $550,000. 550,000Purchase of a new dump truck on January 18, 2014 80,000 During 2014, John recorded the following additional items.Interest income from…Casper and Cecile divorced in 2018. As part of the divorce settlement, Casper transferred stock to Cecile. Casper purchased the stock for $82,500, and it had a market value of $132,000 on the date of the transfer. Cecile sold the stock for $115,500 a month after receiving it. In addition Casper is required to pay Cecile $4,125 a month in alimony. He made five payments to her during the year. What are the tax consequences for Casper and Cecile regarding these transactions? If an amount is zero, enter "$0". a. How much gain or loss does Casper recognize on the transfer of the stock? b. Does Casper receive a deduction for the $20,625 alimony paid? c. How much income does Cecile have from the $20,625 alimony received? $ d. When Cecile sells the stock, how much gain or loss does she report? Cecile will report a of $Cora, 79, has an estate that includes her personal residence valued at $120,000 and $18,000 in a bank account that is solely in her name. She would like to arrange her estate so that she maintains exclusive control of the assets during her lifetime, but at her death the assets will pass to her friend, Mabel, outside of probate. Based on Cora's goals and situation, which of the following are correct statements about will substitutes that she could use? She should put her bank account in tenancy in common with Mabel. She should title her personal residence in joint tenancy with her friend, Mabel. She should execute a will that names her friend, Mabel, as the legatee of the bank account and the devisee of the personal residence. She should place the bank funds in a payable on death (POD) account with Mabel as beneficiary. She should change the title on her personal residence to indicate a life estate reserved for her lifetime and a remainder to her friend, Mabel. A)IV and V…
- Bert Baker and Ernestine Moffet were never formally married but have lived together as husband and wife for the last 14 years. Bert and Ernestine reside in Washington, D.C., a jurisdiction that recognizes common law marriages as valid. Consequently, they filed both a joint district income tax return and a joint federal income tax return for the last eight years. Bert and Ernestine are planning to move their household to Frederick, Maryland, and become permanent residents of that state. Maryland doesn’t recognize common law marriages. Will Bert and Ernestine’s change in residence allow them to avoid the marriage penalty by filing as single individuals?Lance has two adult children from a previous marriage. He has gifted them money for the past three years from his separate bank account and his wife has consented to split the gifts each year. Lance made gifts to his children as follows: 2016: Gifts of $60,000 to each child 2017: Gifts of $40,000 to each child 2018: Gifts of $50,000 to each child Explain the gift tax filing requirements. Will Lance have to file a gift tax return? What about his wife?Tom Brown is 36 years old and has never been married. Frank, age 13, is Tom1s nephew who lived with hin all year. Tom provided all of his support and provifded over half the cost of keeping up the home. Tom earned 44,000 in wages Tom is legally blind and cannot be claiment as a dependent by another taxpayer. Tom and Frank are U.S citizens, have valid social securities numbers, and lived in the U.S. the entire year. Do the individual income tax return? If need to use a state use mississippi
