Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 9, Problem 35P
a.
To determine
Identify the expenses that might qualify as deduction for adjusted gross income (AGI).
b.
To determine
Identify the expenses that might qualify as deduction from adjusted gross income (AGI).
c.
To determine
Describe the vacationing on the trip without loss of existing tax benefits if Ms. M has spent more time.
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Adrian was awarded an academic scholarship to State University for the 2023-2024 academic year. He received $6,500 in August and
$7,200 in December 2023. Adrian had enough personal savings to pay all expenses as they came due. Adrian's expenditures for the
relevant period were as follows:
Tuition, August 2023
Tuition, January 2024
Room and board
August-December 2023
January-May 2024
Books and educational supplies
August-December 2023
January-May 2024
b.
Regarding Adrian's scholarship, indicate whether the following statements are "True" or "False".
C.
a. When Adrian received the money in 2023, his total expenses for the academic year
were not known. Therefore, he is allowed to defer reporting the income until 2024,
when the uncertainty is resolved.
d.
$3,700
3,750
2,800
2,500
2023:
1,000
1,200
2024:
The amount Adrian spent on tuition, books, and educational supplies in 2024 will not
be excludable, since the scholarship was awarded in 2023.
What amount, if any, must Adrian include in…
enna, a longtime client of yours, is employed as an architect. To keep up to date with developments in her profession, she attends continuing education seminars offered by the architecture school at State University. This year, Jenna spends $2,000 on course tuition to attend these seminars. She spends another $400 on architecture books during the year. Jenna's dependent daughter Caitlin is a senior majoring in engineering at the University of the Midwest. During the 2021 calendar year, Caitlin incurs the following expenses: $8,200 for tuition ($4,100 per semester) and $750 for books and course materials. Caitlin lives at home while attending school full-time. Jenna is married, files a joint return, and has a combined AGI with her spouse Morrie of $120,000.
1. Calculate the couple’s education tax credits if their combined AGI is $162,000.
Adrian was awarded an academic scholarship to State University for the 2021–2022 academic year. He received $6,500 in August and $7,200 in December 2021. Adrian had enough personal savings to pay all expenses as they came due. Adrian's expenditures for the relevant period were as follows:
Tuition, August 2021
$3,700
Tuition, January 2022
3,750
Room and board
August–December 2021
2,800
January–May 2022
2,500
Books and educational supplies
August–December 2021
1,000
January–May 2022
1,200
What amount, if any, must Adrian include in his gross income for 2021 and 2022?
If an amount is zero, enter "0".
2022:
$fill in the blank f1e429096fd0f81_2
Chapter 9 Solutions
Individual Income Taxes
Ch. 9 - Prob. 1DQCh. 9 - Mason performs services for Isabella. In...Ch. 9 - Milton is a resident of Mobile (Alabama) and is...Ch. 9 - In 2017, Emma purchased an automobile, which she...Ch. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQ
Ch. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Prob. 13DQCh. 9 - Prob. 14DQCh. 9 - Paul wholly owns and operates an office supplies...Ch. 9 - Prob. 16DQCh. 9 - Prob. 17DQCh. 9 - Lara uses the standard mileage method for...Ch. 9 - Fred, a self-employed taxpayer, travels from...Ch. 9 - Prob. 20CECh. 9 - Prob. 21CECh. 9 - In 2019, Robert entertains four key clients and...Ch. 9 - In 2019, the CEO of Crimson, Inc., entertains...Ch. 9 - Prob. 24CECh. 9 - Cindy maintains an office in her home that...Ch. 9 - Prob. 26CECh. 9 - Prob. 27CECh. 9 - Prob. 28PCh. 9 - Prob. 29PCh. 9 - Prob. 30PCh. 9 - In June of this year, Dr. and Mrs. Bret Spencer...Ch. 9 - Prob. 32PCh. 9 - On Thursday, Justin flies from Baltimore (where...Ch. 9 - Monica, a self-employed taxpayer, travels from her...Ch. 9 - Prob. 35PCh. 9 - Prob. 36PCh. 9 - Prob. 37PCh. 9 - Prob. 38PCh. 9 - Prob. 39PCh. 9 - Prob. 40PCh. 9 - Shelly has 200,000 of QBI from her local jewelry...Ch. 9 - Prob. 42PCh. 9 - Prob. 43PCh. 9 - Prob. 44PCh. 9 - Prob. 45PCh. 9 - Prob. 46PCh. 9 - Ben and Molly are married and will file jointly....Ch. 9 - Prob. 48PCh. 9 - Prob. 49PCh. 9 - Prob. 50PCh. 9 - David R. and Ella M. Cole (ages 39 and 38,...Ch. 9 - Addison Parker (Social Security number...Ch. 9 - In the current year, Barlow moved from Chicago to...Ch. 9 - Prob. 2CPACh. 9 - Prob. 3CPACh. 9 - Prob. 4CPACh. 9 - Prob. 5CPACh. 9 - Prob. 6CPACh. 9 - Calculate the taxpayers 2019 qualifying business...Ch. 9 - Prob. 8CPA
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