Rank the following three single taxpayers in order of the magnitude of taxable income. Assume none of the taxpayers contributed to charity this year. Note: First mean highest taxable income, third means lowest taxable income. Ahmed Baker Chin Gross income $ 90,000 $ 90,000 $ 90,000 Deductions for AGI 14,000 7,000 0 Itemized deductions 0 7,000 14,000 Deduction for qualified business income 0 2,000 10,000

Rank the following three single taxpayers in order of the magnitude of taxable income. Assume none of the taxpayers contributed to charity this year. Note: First mean highest taxable income, third means lowest taxable income. Ahmed Baker Chin Gross income $ 90,000 $ 90,000 $ 90,000 Deductions for AGI 14,000 7,000 0 Itemized deductions 0 7,000 14,000 Deduction for qualified business income 0 2,000 10,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 18P

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	Ahmed	Baker	Chin
Gross income	$ 90,000	$ 90,000	$ 90,000
Deductions for AGI	14,000	7,000	0
Itemized deductions	0	7,000	14,000
Deduction for qualified business income	0	2,000	10,000

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Rank the following three single taxpayers in order of the magnitude of taxable income. Assume none of the taxpayers contributed to charity this year. Note: First mean highest taxable income, third means lowest taxable income. Gross income Deductions for AGI Itemized deductions Deduction for qualified business income Ahmed Baker Chin Answer is complete and correct. Third First Second Ahmed $ 97,100 16,050 0 e Baker $ 97,100 9,800 8,150 2,000 Chin $ 97,100 e 15,840 10,000
Subject - account Please help me. Thankyou.
1. In year 6, Garland Corp. contributed $40,000 to a qualified Becker charitable organization. Garland's year 6 taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends received deduction. Garland also had carryover contributions of $5,000 from the prior year. In year 6, what amount can Garland deduct as charitable contributions? a. $40,000 b. $41,000 c. $43,000 d. $45,000
If Samantha Jones had the followingitemized deductions, should she useSchedule A or the standard deduction? Thestandard deduction for her tax situation is$12.400.Donations to churchand other charities, $5,050Medical and dental expenses exceeding 10percent of adjusted gross income, $2,450Mortgage interest, $3,100State income tax, $2,920
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
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1. Assuming the taxpayer is a CORPORATION, how much is the OSD and net taxable income using OSD?
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Fish, Inc., an exempt organization, reports unrelated business income of $500,000 (before any charitable contribution deduction). During the year, Fish makes charitable contributions of $54,000, of which $38,000 are associated with the unrelated trade or business. a. Fish's unrelated business taxable income (UBTI) is $ b. Express your computation in part (a) as a Microsoft Excel formula.DEDUCT=UBI_BEFORE-1000-MIN(CHAR,(UBI_BEFORE*.1)) c. Assume instead that the charitable contributions are $41,000, of which $38,000 are associated with the unrelated trade or business. The UBTI is $