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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Question
Chapter 7, Problem 52P
To determine
Calculate NOL of Person J during the year.
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Jed, age 55, is married with no children. During 2019, Jed had the following income and expense items:a. Three years ago, Jed loaned a friend $10,000 to help him purchase a new car. In June of the current year, Jed learned that his friend had been declared bankrupt and had left the country. There is no possibility that Jed will ever collect any of the $10,000. b. In April of last year, Jed purchased some stock for $5,000. In March of the current year, the company was declared bankrupt, and Jed was notified that his shares of stock were worthless.c. Several years ago Jed purchased some § 1244 stock for $120,000. This year he sold the stock for $30,000.d. In July of this year, Jed sold some land that he had held for two years for $60,000. He had originally paid $42,000 for the land.e. Jed received $40,000 of interest income from State of Minnesota bonds.f. In September, Jed’s home was damaged by an…
Jed is married with no children. Both he and his wife are age 55. During 2022, Jed had the following income and expense items:
a. Three years ago, Jed loaned a friend $10,000 to help him purchase a new car. In June of the current year, Jed learned that his friend had
been declared bankrupt and had left the country. There is no possibility that Jed will ever collect any of the $10,000.
b. In April 2020, Jed purchased some stock for $5,000. In March 2022, the company was declared bankrupt, and Jed was notified that his
shares of stock were worthless.
c. Several years ago, Jed purchased some § 1244 stock for $120,000. This year, he sold the stock for $30,000.
d. In July of this year, Jed sold some land that he had held for two years for $60,000. He had originally paid $42,000 for the land.
e. Jed received $40,000 of interest income from State of Minnesota bonds.
f. In September, Jed's home was damaged by an earthquake; Jed's county was declared a Federal disaster area by the President.…
Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo:
Mortgage interest
Property taxes
$7,925
2,760
Insurance
2,950
TULE
Repairs & maintenance
1,875
Utilities
4,400
16,875
Depreciation
Ce
During the year, Alexa rented out the condo for 100 days and received $23,800 in gross rental receipts. She did not use the condo at
all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $120,000. Alexa has no sources
of passive income. (Leave no answer blank. Enter zero if applicable.)
What effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property.
AGI
1.01
increases by
decreases by
no effect
Chapter 7 Solutions
South-western Federal Taxation 2018: Individual Income Taxes
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Many years ago, Jack purchased 400shares of Canary...Ch. 7 - Scan is in the business of buying and selling...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 14DQCh. 7 - Prob. 15DQCh. 7 - Prob. 16DQCh. 7 - Prob. 17DQCh. 7 - Prob. 18DQCh. 7 - Prob. 19DQCh. 7 - Prob. 20DQCh. 7 - Last year Aleshia identified 15,000 as a...Ch. 7 - Prob. 22CECh. 7 - Prob. 23CECh. 7 - Prob. 24CECh. 7 - Prob. 25CECh. 7 - Prob. 26CECh. 7 - Prob. 27CECh. 7 - Prob. 28CECh. 7 - Prob. 29CECh. 7 - Prob. 30CECh. 7 - Prob. 31CECh. 7 - Prob. 32PCh. 7 - Monty loaned his friend Ned 20,000 three years...Ch. 7 - Sally is in the business of purchasing accounts...Ch. 7 - Prob. 35PCh. 7 - Prob. 36PCh. 7 - Prob. 37PCh. 7 - Prob. 38PCh. 7 - Prob. 39PCh. 7 - Prob. 40PCh. 7 - Prob. 41PCh. 7 - Prob. 42PCh. 7 - Prob. 43PCh. 7 - Prob. 44PCh. 7 - Prob. 45PCh. 7 - Prob. 46PCh. 7 - Prob. 47PCh. 7 - Prob. 48PCh. 7 - Prob. 49PCh. 7 - Prob. 50PCh. 7 - Prob. 51PCh. 7 - Prob. 52PCh. 7 - Prob. 53CPCh. 7 - Prob. 54CPCh. 7 - Prob. 1RPCh. 7 - Prob. 2RP
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