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?
10. COMPUTE: Vanishing deduction 11. COMPUTE: Total ordinary deductions
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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 ✓…
QUESTION E This is the first year a taxpayer has used a vehicle for business. They drive 6,000 business miles. They also drove 4,000 personal miles. They had the lowing expenses. Gas $1,400 Maintenance $200 Insurance $600 Parking Fees $100 The taxpayer olects the actual expense method for calculating transportation deductions. What is their transportation tax deduction? O $920 O $1,320 O $1,420 O $1,380
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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