Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Textbook Question
Chapter 5, Problem 30P
LO.2 What is the taxpayer’s gross income in each of the following situations?
- a. Darrin received a salary of $50,000 from his employer, Green Construction.
- b. In July, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota.
- c. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance.
- d. Blake received $15,000 from his deceased wife’s employer “to help him in his time of greatest need.”
- e. Clint collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife’s employer.
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What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500.
If the answer is zero, type a 0.
a. Myra received a salary of $80,000 from her employer, Green Construction.
b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals.
c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all
employees.
d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need."
e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his
deceased wife's employer.
Enter the taxpayer's gross income for each of the following independent situations. If an
amount is zero, enter "0". Taxpayer's Gross Income a. Darrin received a salary of $50,000
from his employer, Green Construction. $fill in the blank 1 b. In July, Green gave Darrin an all
- expense - paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. $fill in the
blank 2 c. Marta received $10,000 from her employer to help her pay medical expenses not
covered by insurance. $fill in the blank 3 d. Blake received $15,000 from his deceased spouse'
s employer as compensation for a bonus earned prior to death. $fill in the blank 4 e. Clint
collected $50,000 as the beneficiary of a group term life insurance policy when his wife died.
The premiums on the policy were paid by his deceased wife's employer. $fill in the blank 5
17. Which of the following expenses, if any, is/are deductible?
a.Contribution to an IRA.
b.Job-hunting expenses of a fishing guide to become an insurance salesman.
c.Costs involved in maintaining an office in the home by a self-employed insurance adjuster. Taxpayer's wife also uses the office as a meeting place for her bridge club.
d.Cost of moving to first job location. Taxpayer just graduated from college.
Chapter 5 Solutions
Individual Income Taxes
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Holly was injured while working in a factory and...Ch. 5 - Prob. 9DQCh. 5 - Prob. 10DQ
Ch. 5 - Ted works for Azure Motors, an automobile...Ch. 5 - Prob. 12DQCh. 5 - Eagle Life Insurance Company pays its employees...Ch. 5 - Several of Egret Companys employees have asked the...Ch. 5 - Prob. 15DQCh. 5 - Tammy, a resident of Virginia, is considering...Ch. 5 - Andrea entered into a 529 qualified tuition...Ch. 5 - Prob. 18DQCh. 5 - Prob. 19DQCh. 5 - Valentino is a patient in a nursing home for 45...Ch. 5 - Prob. 21CECh. 5 - Ellie purchases an insurance policy on her life...Ch. 5 - Prob. 23CECh. 5 - Leland pays premiums of 5,000 for an insurance...Ch. 5 - Jarrod receives a scholarship of 18,500 from...Ch. 5 - Prob. 26CECh. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - LO.2 What is the taxpayers gross income in each of...Ch. 5 - LO.2 Donald was killed in an accident while he was...Ch. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 34PCh. 5 - LO.2 Leigh sued an overzealous bill collector and...Ch. 5 - LO.2 Determine the effect on gross income in each...Ch. 5 - Prob. 37PCh. 5 - Prob. 38PCh. 5 - Prob. 39PCh. 5 - LO.2 Belinda spent the last 60 days of 2019 in a...Ch. 5 - LO.2 Tim is the vice president of western...Ch. 5 - LO.2 Does the taxpayer recognize gross income in...Ch. 5 - Prob. 43PCh. 5 - Prob. 44PCh. 5 - Prob. 45PCh. 5 - LO.2, 5 Rosas employer has instituted a flexible...Ch. 5 - Prob. 47PCh. 5 - Prob. 48PCh. 5 - Prob. 49PCh. 5 - Prob. 50PCh. 5 - LO.2 Tonya, who lives in California, inherited a...Ch. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56PCh. 5 - LO.4 Vic, who was experiencing financial...Ch. 5 - Prob. 1RPCh. 5 - Prob. 2RPCh. 5 - Prob. 3RPCh. 5 - Prob. 4RPCh. 5 - Prob. 1CPACh. 5 - Jeffrey Dean, a Masters Degree candidate at North...Ch. 5 - Linda is an employee of JRH Corporation. Which of...Ch. 5 - Kim was seriously injured at her job. As a result...Ch. 5 - Danny received the following interest and dividend...Ch. 5 - Prob. 6CPA
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