ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Jesse Brimhall is single. In 2024, his itemized deductions were $12,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before considering any property tax deductions). In 2024, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year. If property 1 is Jesse's business building (he owns the property) and property 2 is his primary residence, what is his taxable income after taking property taxes into account (ignore the deduction for qualified business income)?
Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.)
Sarah used the property as a vacation home through December 31, 2021. She then used the home as her principal residence from January 1, 2022, until she sold it on January 1, 2025.
All of the following are reasons why IT is important to accountants except:
a.IT questions often appear on professional certification examinations
b.The costs of IT are skyrocketing
c.Accountants often help clients make IT decisions
d.Auditors must evaluate computerized systems
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