The following summarizes several financial events in George's life during the current tax year. Received $100,000 from a life insurance policy due to the death of his brother Had gambling winnings of $45,000, while incurring gambling losses of $20,000 Received net royalties of $10,000 from an oil and gas investment Received $5,000 of unemployment compensation Had job- related moving expenses of $4,000 Contributed $6,000 to an IRA Assuming George is not a professional gambler, what is his total income for the current tax year? A) $60,000 B) $45,500 C) $34,500 D) $155,000

The following summarizes several financial events in George's life during the current tax year. Received $100,000 from a life insurance policy due to the death of his brother Had gambling winnings of $45,000, while incurring gambling losses of $20,000 Received net royalties of $10,000 from an oil and gas investment Received $5,000 of unemployment compensation Had job- related moving expenses of $4,000 Contributed $6,000 to an IRA Assuming George is not a professional gambler, what is his total income for the current tax year? A) $60,000 B) $45,500 C) $34,500 D) $155,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 55P

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1. Charles, who is single and age 61, had AGI of $400,000 during 2022. He incurred the following expenses and losses during the year. Medical expenses before AGI floor State and local income taxes Real estate taxes Home mortgage interest Charitable contributions Unreimbursed employee expenses Gambling losses (Charles had $7,400 of gambling income) Compute Charles's total itemized deductions for the year. $28,500 15,200 4,400 5,400 14,800 8,900 9,800
Heather, an individual, reported the following items of income and expense during the current year: Salary $90,000 Alimony that Heather paid to a former spouse $20,000 (Post-Tax Cuts & Jobs Act Alimony) Inheritance from a grandparent $15,000 Proceeds of a lawsuit for physical injuries: $20,000 What is the amount of Heather’s Adjusted Gross Income (AGI)? Group of answer choices $70,000. $85,000. $90,000. $105,000.
Discussion question 1. Aiden is married and has salary income of $80,000 and total itemized deductions is $30,000. During the year, he sold two investments resulting in a $5,000 long-term capital gain and a $15,000 short-term capital loss. He calculated his AGI to be $70,000 (80,000 -10,000) and his taxable income to be $40,000 (70,000-30,000). Based on the tax formula and the net capital loss rules, comment on whether or not the adjusted gross income and taxable income are correct. Explain and provide support for your position.
In the current year, Estes has net short-term capital losses of $3,000, a net long-term capital loss of $45,000, and taxable income from wages of $35,000. a. Calculate the amount of Estes' deduction for capital losses for the current year. b. Calculate the amount and nature (short-term or long-term) of his capital loss carryforward. c. For how many years may Estes carry the unused loss forwa
1.Charles, who is single and age 61, had AGI of $400,000 during 2020. He incurred the following expenses and losses during the year. Medical expenses before AGI floor$28,500State and local income taxes15,200Real estate taxes4,400Home mortgage interest5,400Charitable contributions14,800Unreimbursed employee expenses8,900Gambling losses (Charles had $7,400 of gambling income)9,800Compute Charles's total itemized deductions for the year. 2.For the following exchanges, indicate which qualify as like-kind property.a.lnventory of a sporting goods store in Charleston for land in Savannah.b.lnvestment land in Virginia Beach for office building in Williamsburg.c.Used automobile used in a business for a new automobile to be used in the business.d.Investment land in Paris for investment land in San Francisco.e.Shares of Texaco stock for shares of Exxon Mobil stock.
After paying the corresponding estate tax. How much is the estate tax due in estate of Nicanor.
Jack a widower, died late last year (2020) with a gross estate of $10 million. Jack made one taxable gift in his lifetime of $2,000,000 to his brother this year before he (Jack) died. Funeral and administrative expenses cost $140,000. Jack’s debts and mortgages totaled $300,000. Calculate Jack’s estate tax liability, show your work.
Please provide correct answer
Connie and Dave Barney are married and file a joint return. They have an Adjusted Gross Income of $120,000 for the year 2022. They incurred the following expenses and losses during the year. Calculate their itemized deductions for the year. Show all calculations for partial credit. Casualty loss in a federally declared disaster area before the $100 floor (no insurance proceeds) 22,800 Home mortgage interest 8,000 Credit card interest 1,000 State and local taxes 2,000 Real estate taxes 5,000 Charitable contributions: Cash of 2,000 and FMV of clothing given to Goodwill of 1,000 (cost of 10,000) ? Medical expenses (before the limitation) 4,000 Union dues 1,000
During the current income year, George received: salary and wages of $35,000 A bonus of $2500 from his employer paid into his bank account on 2 July 2021. Tips as a part-time waiter of $1500 Entertainment Allowance $4000 interest of $3000 Reimbursement of meals while travelling for working $5000 a lump sum compensation payment for loss of mobility in fingers due to a work injury of $23,000 What is George's assessable income for the current year ended 30 June 2021.
In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuities