Question 3 ✓ Saved Taylor's home had some flooding after her sump pump failed. She suffered a casualty loss of $10,000 after insurance reimbursement. For AGI Deduction Itemized Deduction Suspended Deduction Not Deductible Question 4 ✓ Saved Alexa paid $3,750 in property taxes on her home. For AGI Deduction Itemized Deduction Suspended Deduction Not Deductible

Question 3 ✓ Saved Taylor's home had some flooding after her sump pump failed. She suffered a casualty loss of $10,000 after insurance reimbursement. For AGI Deduction Itemized Deduction Suspended Deduction Not Deductible Question 4 ✓ Saved Alexa paid $3,750 in property taxes on her home. For AGI Deduction Itemized Deduction Suspended Deduction Not Deductible

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 5-36 (LO. 2) Leigh sued an overzealous bill collector and received the following settlement: Damage to her automobile that the collector attempted to repossess Physical damage to her arm caused by the collector Loss of income while her arm was healing Punitive damages $3,300 $15,000 $6,000 $80,000 a. Regarding Leigh's settlement, classify the following as either "Included in" or "Excluded from" her gross income. Included in/Excluded from Income Damage to her automobile that the collector attempted to repossess • Physical damage to her arm caused by the collector • Loss of income while her arm was healing • Punitive damages b. Assume that Leigh also collected $25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employer and other creditors. Is this $25,000 included in Leigh's gross income?
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Problem 1-29 A Brief Overview of Capital Gains and Losses (LO 1.8) Compute the realized and recognized gain or loss for each of the following transactions and classify as short-term or long-term: a. Marge, a single taxpayer, receives $8,000 for the sale of stock she purchased six years ago for $3,000. b. Lisa, a single taxpayer, receives $3,000 for the sale of stock she purchased six months ago for $8,000. c. Bart and Maggie, married filing jointly taxpayers, receive $3,000 for the sale of stock they purchased three years ago for $10,000. d. Homer, a single taxpayer, receives $12,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four months ago for $16,000. e. Mo, a single taxpayer, receives $16,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four years ago for $12,000. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) rå ក T Gain/(loss) Realized 5,000 -5,000 -7,000 -4,000 ✓…
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Last year, lana purchased a $100,000 account receivable for $90,000. During the current year, Lucy collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. a.$7,000 gain b.$3,000 loss c.$13,000 loss d.$2,000 gain
Problem 4-11 (Algorithmic) Passive Loss Limitations (LO 4.8) Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993. He also acquired a rental house in 2021, which he actively manages. During 2021, Walter's share of the partnership's losses was $28,000, and his rental house generated $26,000 in losses. Walter's modified adjusted gross income before passive losses is $133,500. If an amount is zero, enter "0". a. Calculate the amount of Walter's allowable loss for rental house activities for 2021. 58,500 x Feedback b. Calculate the amount of Walter's allowable loss for the partnership activities for 2021. Feedback V Check My Work Correct c. What may be done with the unused losses, if anything? The unused losses may be carried forward to future tax years indefinitely, to reduce passive income in those years.