Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 10, Problem 33P

a.

To determine

Identify the amount that Person L could deduct in the given situation.

b.

To determine

Identify the amount that Person L could deduct in the given situation.

c.

To determine

Identify the amount that Person L could deduct in the given situation.

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22.Which of the following gifts would probably be taxable to the person receiving the gift? One thousand dollars given to a taxpayer by his or her father An acre of land given to a taxpayer by a friend A car given to a loyal employee by her supervisor when she retired to recognize her faithful service A Mercedes-Benz given to a taxpayer by his cousin An interest in a partnership given to a taxpayer by his or her uncle 24.Hillary gets divorced in 2019 and is required to pay her ex-spouse $200 per month until her son reaches 18 years of age in 7 years and $120 per month thereafter. How much of her 2020 payments are deductible as alimony? $0 $2,400 $1,440 $960
LO.6, 8 Ramon had AGI of $180,000 in 2020. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon’s tax liability. A cash gift of $95,000. A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000. A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. The charity has indicated that it would sell the painting to generate cash to fund medical research. Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 32%…
Compute the taxable income for 2023 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2021. Salary Interest on bonds issued by City of Boston $80,000 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid at death of aunt (Aiden was the designated beneficiary of the policy) Inheritance received at death of aunt 200,000 100,000 Jackson (a cousin) repaid a loan Aiden made to him in 2017 (no interest was provided for) 5,000 Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and charitable contributions) 15,200 Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) Age Click here to access the Components of the tax formula to use, if required. a. Indicate whether the items are taxable or not taxable to Aiden. Cash dividend received on Chevron common stock Salary Interest on bonds…

Chapter 10 Solutions

Individual Income Taxes

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