The real estate is worth $268,900 and Jimmy has no other assets or liabilities. The real estate is worth $337,250 and Jimmy has no other assets or liabilities. The real estate is worth $291,900 and Jimmy has $52,300 in other assets but no other liabilities.

Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?

For each of the following, determine the amount that should be included in gross income: a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of 60,000. Peyton did not need the automobile, so he asked that the title be put in his parents names. b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for 1,400,000, Jacob said, I do not need the money. Give it to the United Nations to use toward the goal of world peace. c. Linda won the Craig County Fair beauty pageant. She received a 10,000 scholarship that paid her 6,000 for tuition and 4,000 for meals and housing for the academic year.

Can you help me explain this problem with step by step explanation, please? Thank you :)

This year William provided $4,200 of services to a large client on credit. Unfortunately, this client has recently encountered financial difficulties and has been unable to pay William for the services. Moreover, William does not expect to collect for his services. William has "written off " the account and would like to claim a deduction for tax purposes. (Leave no answers blank. Enter zero if applicable.) %3D b. What amount of deduction for bad debt expense can William claim this year if he uses the cash method? Deductible amount

Kensley enjoys playing blackjack at the casino every Thursday night after work. This year, she has won $3,850, which she included in gross income. She lost $9,540. Her adjusted gross income is $150,000. How much of the losses can Kensley deduct? (Do not use commas or dollar signs. Round to the nearest dollar.)

Carrie loaned her friend $4500 to buy a used car. She had her friend sign a note with repayment terms and set a reasonable interest rate on the note because the $4500 was most of her savings. Her friend left town with out a forwarding address, and nobody Carrie knows has heard from her in the last year. How should Carrie treat the bad loan for tax purpose?  This is a ___________ bad debt. Assuming this is carries only capital gain or loss, she may claim $____________in the current year and __________any remaining amount.

Could you please show me how to solve this?

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

Rebecca has a loan with 1st Town bank for $5,000.  She lost her job several months ago and defaulted on the loan.  The bank forgave the $5,000 loan.  Prior to the debt forgiveness, she owned $10,000 in assets.  Her total liabilities before the debt forgiveness were $12,000.  How much will Rebecca have to report as taxable debt forgiveness on her tax return? Group of answer choices $0. $2,500. $3,000. $5,000.