South-western Federal Taxation 2018: Individual Income Taxes
South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 6, Problem 2CPA

Which of the following is not a deduction for AGI?

  1. a. Alimony paid for a divorce finalized in 2018.
  2. b. Business rent on a self-employed business.
  3. c. Property taxes paid on your primary residence.
  4. d. One half of self-employment tax.
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John Joos is the owner and operator of You're A Star, a motivational consulting business. At the end of its accounting period, December 31, 2007, You're A Star has assets of $800,000 and liabilities of $350,000. Using the accounting equation, determine the following amounts: a. Owner's equity, as of December 31, 2007. b. Owner's equity, as of December 31, 2008, assuming that assets increased by $130,000 and liabilities decreased by $25,000 during 2008.

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South-western Federal Taxation 2018: Individual Income Taxes

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