The estate of Hank Harris acquired several Series EE Savings Bonds from Hank. The personal representative of the estate redeemed them and received $4,000 in interest income. Hank did not report the interest on his personal return as it was accrued. The personal representative must report this interest income a. On Hank's final Form 1040 b. On the estate's Form 1041 c. On either Form 1040 or Form 1041 On either Form 1041 or Form 706
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- Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2019 gross income: a. On September 30, 2019, she cashed in Series EE bonds for 10,000. She purchased the bonds in 2009 for 7,090. The yield to maturity on the bonds was 3.5%. b. On July 1, 2018, she purchased a CD for 10,000. The CD matures on June 30, 2020, and will pay 10,816, thus yielding a 4% annual return. c. On July 1, 2019, she purchased a CD for 10,000. The maturity date on the CD was June 30, 2020, when Marlene would receive 10,300.Please help me answer c-2. c-2. Grady received the bonds on October 31, and he received $2,040 of semiannual interest from the bonds on December 31.Required information [The following information applies to the questions displayed below.] In January of year 0, Justin paid $8,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. d. Instead of paying an insurance premium, Justin pays $8,800 to rent his business property from April 1 of year 0 throug March 31 of year 1. Deductible amount
- ! Required information [The following information applies to the questions displayed below.] In January of year 0, Justin paid $5,400 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) a. The policy covers the business property from April 1 of year 0 through March 31 of year 1. Deductible amountThe will of Josh O’Brien has the following stipulations:Antique collection goes to Ilsa Lunn.All money in the First Savings Bank goes to Richard Blaine.Cash of $9,000 goes to Nelson Tucker.All remaining assets are put into a trust fund with the income going to Lucy Van Jones. At her death, the principal is to be conveyed to Howard Amadeus.Identify the following:a. Remaindermanb. Trustorc. Demonstrative legacyd. General legacye. Specific legacyf. Life tenantg. Testatormn.3
- Subject: accountingStephen purchased a rental property on 03 August 2020 and has rented the property from this date.He incurred the following expenses when purchasing the property –> $6,320 Lender’s Mortgage Insurance> $15,987 Stamp duty on transfer of the property> $1,500 Mortgage broker’s fee> $750 Conveyancing fees> $600 Bank loan establishment fee> $700 Stamp duty on the mortgageCalculate how much Stephen can claim in borrowing costs for the 2021 year and select the correct answer below. $1,766 $1,658 $1,311 $1,442 $1,879Mary received a Form 1099-C with $15,000 in box 2 from her credit card company. Her Insolvency Worksheet indicated that Mary was insolvent prior to the cancellation of debt by $8,000. To fill out the Basis (Cost) of Assets Worksheet, what information will she need? The cost basis immediately after the debt cancellation. The cost basis immediately before the debt cancellation. The fair market value (FMV) immediately after the debt cancellation. The fair market value (FMV) immediately before the debt cancellation. Mark for follow up
- Neils Bohr died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. How much may Neils' estate claim as deduction for claims against insolvent persons? P100,000 P120,000 P180,000 P200,000Margo and Bill file as MFJ. During the year, they paid the following: $6,500 Mortgage interest on main home (acquisition mortgage of $400,000) Credit card interest Auto loan interest Loan interest on an empty lot purchase to build a second home $ 400 $3,500 $2,500 What amount can they report as deductible mortgage interest? Answer:Glen carries a $125,000 insurance policy on his life. Premiums paid over the years total $6.000. Dividends on the policy have totaled $4,000. Glen has left the dividends on the policy with the insurance company. During the curent year, the insurance company credited $1,500 of interest on the accumulated dividends to Glen's account. Requirements a. How much income is Glen obligated to report in connection with the policy? b. Would it make any difference if the acumulated dividends equaled 58.000 instead of $4,0007 Requirement a. How much income is Glen obligated to report in connection with the policy Glen would report only the interest $1.500 as taxable income Requirement b. Would it make any difference if the accumulated dividends equaled $8.000 instead of $4,0007 V Glen would be taxed on rates avalable to recipients of corporate dividend distributions. The total tavable amount ie The amount for the lower tax
