Ryan incurred the following expenses this year:Criminal Restitution (fine paid) for DUIarrestBribe paid for dock permit to the CountyInspectorKickback paid to obtain University of Floridafootball tickets from Board of Regents MemberLobby costs to promote smoking amongAmericanMinors (Ryan sells cigarette machines for aliving)Political contributions to union sponsoredFederal Congressman for Tobacco Industry$27,000$1,000$5,000$10,000$1,500O Ryan may deduct $14, 700 as itemized deductions.O More than one of the above are correct.O Ryan may deduct $11,500 on his sole proprietorship schedule C.O Nothing listed here is deductible anywhere on Ryan's personal return.

Deductions from taxable income are the expenses that a taxpayer can subtract from his or her gross…

Answered: Ryan incurred the following expenses…

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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30
Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits – Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija – Php 10,000,000 Other Exclusive properties – Php 2,000,000 Community Deductions: Funeral Expenses – Php 500,000 Other Valid Deductions – Php 1,000,000 Medical Expenses – Php 1,000,000 Assuming Nicanor is head of the family, how much is the NET DISTRIBUTABLE ESTATE?
Sidney is a car salesman. As a result of being the best salesman for the year, his employer permits him to buy a new BMW with a cost of Fair Market Value to the dealer of $40,000 for only $25,000. This is to be Sidney's personal vehicle and not used in business. As a result of this purchase, Sydney must report. Zero Income or Loss $40,000 income $15,000 income $20,000 income
Calvin’s AGI is $84,000. charitable contribution deduction 42000 carryover ?
Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received a plaque and cash prize of P100,000 from the sponsors. Ulirang Inay Award is given by the City Government of Baguio to those mothers who showed exemplary actions as a mother. Mercedes received the award without any effort on her part. How much should be withheld as final tax from the cash prize received by Mercedes? a. P0 b. P10,000 c. P20,000 d. P25,000 e. Answer not given
Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose, a local business owner, pays $30,000 in Self-Employment taxes. Sandra owns a mini golf course. She pays her employer portion of payroll taxes because of her employees, which totals to $12,000. Travis owns a CPA firm and pays his son Joe as an associate. Joe is a CPA and is paid the same salary as the other associates. X-Corp writes off a $12,000 business debt owed by Sam because he has not responded to their numerous requests for payment.
Question 25. In tax year 2021, Max (a single taxpayer who is self-employed) used his car for 16,000 miles of business use and 4,000 miles of personal use. Max incurred the following expenses during 2021 (except for the parking and tolls, all expenses represent the total expense incurred during the year and are allocable between business and personal use): (1) $400 for parking and tolls related solely to business trips (2) $800 for gasoline (3) $1,000 for insurance (4) $10,200 for depreciation (5) $500 for fines relating to speeding tickets and parking violations Compute Max's deduction for transportation expenses in 2021 under both the actual expense method and the automatic (standard) mileage method. A. $12,000 actual expense method; $8,960 standard mileage method B. $12,500 actual expense method; $9,360 standard mileage method C. $9,600 actual expense method; $8,960 standard mileage method D. S10.000 actual expense method; $9,360 standard mileage method
Classify each of the following cases as "Included in" or "Excluded from" gross income. Included in/Excluded from Gross Income a. Eloise received $150,000 in the settlement of a sex discrimination case against her former employer. b. Nell received $10,000 for damages to her personal reputation. Nell also received $40,000 in punitive damages. c. Orange Corporation, an accrual-basis taxpayer, received $50,000 from a lawsuit it filed against its auditor, who overcharged for services rendered in a previous year. d. Beth received $10,000 in compensatory damages in a lawsuit she filed against a tanning parlor for severe burns she received from using the parlor's tanning equipment. Beth also received $30,000 in punitive damages in the lawsuit against the tanning parlor. e. Joanne received compensatory damages of $75,000 from a cosmetic surgeon who botched her nose job. Joanne also received $300,000 in punitive damages from the cosmetic surgeon who…
Kk.315. Dennis buys land by paying $50,000 in cash and assuming a loan for $45,000. He incurs legal fees and commissions of $5,000. He pays a special $3,000 street improvement assessment. Dennis receives $6,000 from the county for a portion of his property that was needed to widen the street. His property tax liability for this year is $750 and his interest on the loan is $1,850. What is the adjusted basis of Dennis’s land? Show your work.
Ms. Zhao has $200,000 private activity municipal bond interest income from The City of Indianapolis. Ms. Zhao's only other income for the year is her $600,000 salary and Mr. Zhao has a $400,000 salary. Furthermore, both Ms. and Mr. Zhao, married, are 50 years old, file a joint return, have no dependents, and have $27,000 itemized deductions. Compute the Zhao's tentative minimum tax for the current year.
1. Jim paid his brother to provide computer services for Jim's business. Jim paid him $14,000. Other firms provide the same services for $5,000. How much of this expenditure is deductible? 2. XYZ landscaping sold a truck during 2021 for $15,000 recognizing a gain of $2,000. What is the adjusted basis of the truck? 3. Bill earned $50,000 from self employment during 2021. How much must he pay in self employment tax? 4. Ed commutes to work every day during 2021. He spent $3,000 in transportation. How much can he deduct for 2021?
Marvin had the following transactions: Salary $50,000 Compensation of body injury due to car accident 15200 Bank loan (proceeds used to buy personal auto) 10,000 Alimony payment to ex-wife (divorce settled in 2018) 6,000 Child support payment 12,000 Gift from aunt Gain from sale of city of Bloomington bonds 5,000 20,000 Interest from City of Bloomington Bonds 500 Interest received on the U.S. Government bonds 1,500 Interest received on corporate (GE company) bonds 350 Lottery winnings 500 Life insurance proceed after her grandmother died 150,000 Calculate Marvin’s AGI:

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