Individual Income Taxes43rd EditionHoffman Publisher: CENGAGE LEARNING - CONSIGNMENTISBN: 9780357109731
Individual Income Taxes
Solutions for Individual Income Taxes
Problem 2DQ:
Which of the following items are inclusions in gross income? a. During the year, stock that the...Problem 3DQ:
Which of the following items are exclusions from gross income? a. Alimony payments received (relates...Problem 5DQ:
In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if...Problem 9DQ:
Caden and Lily are divorced on March 3, 2018. For financial reasons, however, Lily continues to live...Problem 19DQ:
During the year, Brandi had the following transactions: a long-term capital gain from the sale of...Problem 20CE:
Sam and Abby are dependents of their parents, and each has income of 2,100 for the year. Sams...Problem 21CE:
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a...Problem 22CE:
Paul and Sonja, who are married, had itemized deductions of 13,200 and 400, respectively, during...Problem 23CE:
Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers...Problem 24CE:
In 2019, Simon, age 12, has interest income of 4,900 and no earned income. He has no investment...Problem 26CE:
During the year, Tamara had capital transactions resulting in gains (losses) as follows: Determine...Problem 27P:
Compute the taxable income for 2019 in each of the following independent situations: a. Drew and...Problem 28P:
Compute the taxable income for 2019 for Emily on the basis of the following information. Her filing...Problem 29P:
Compute the taxable income for 2019 for Aiden on the basis of the following information. Aiden is...Problem 31P:
Analyze each of the characteristics in considering the indicated test for dependency as a qualifying...Problem 37P:
Taylor, age 18, is claimed as a dependent by her parents. For 2019, she has the following income:...Problem 38P:
LO.4, 9 Walter and Nancy provide 60% of the support of their daughter (age 18) and son-in-law (age...Problem 40P:
LO.1, 2, 3, 4, 5, 6 Morgan (age 45) is single and provides more than 50% of the support of Tammy (a...Problem 42P:
LO.5, 6, 9 Roy and Brandi are engaged and plan to get married. During 2019, Roy is a full-time...Problem 43P:
In each of the following independent situations, determine Winstons filing status for 2019. Winston...Problem 45P:
Nadia died in 2018 and is survived by her husband, Jerold (age 44); her married son, Travis (age...Problem 46P:
Paige, age 17, is a dependent of her parents. During 2019, Paige earned 3,900 pet sitting and 4,200...Problem 48P:
LO.8 During 2019, Inez (a single taxpayer) had the following transactions involving capital assets:...Problem 49P:
During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If...Problem 51CP:
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works...Problem 1RP:
Kathy and Brett Ouray married in 2001. They began to experience marital difficulties in 2015 and, in...Problem 2CPA:
Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not...Problem 4CPA:
Jeff and Rhonda are married and have two children, Max and Jen. Max is 20, attends college in the...Problem 6CPA:
Bill and Anne Chambers are married and file a joint return. They have no children. Their college...Browse All Chapters of This Textbook
Chapter 1 - An Introduction To Taxation And Understanding The Federal Tax LawChapter 2 - Working With The Tax LawChapter 3 - Tax Formula And Tax Determination : An Overview Of Property TransactionsChapter 4 - Gross Income: Concepts And InclusionsChapter 5 - Gross Income: ExclusionsChapter 6 - Deductions And Losses: In GeneralChapter 7 - Deductions And Losses: Certain Business Expenses And LossesChapter 8 - Depreciation, Cost Recovery, Amortization, And DepletionChapter 9 - Deductions: Employee And Self- Employed-related ExpensesChapter 10 - Deductions And Losses: Certain Itemized Deductions
Chapter 11 - Investor LossesChapter 12 - Alternative Minimum TaxChapter 13 - Tax Credits And Payment ProceduresChapter 14 - Property Transactions: Determination Of Gain Or Loss And Basis ConsiderationsChapter 15 - Property Transactions: Nontaxable ExchangesChapter 16 - Property Transactions: Capital Gains And LossesChapter 17 - Property Transactions: §1231 And Recapture ProvisionsChapter 18 - Accounting Periods And MethodsChapter 19 - Deferred CompensationChapter 20 - Corporations And Partnerships
Book Details
Young/Nellen/Hoffman/Raabe/Maloney's SOUTH-WESTERN FEDERAL TAXATION 2020: INDIVIDUAL INCOME TAXES, 43E provides today's most timely, trusted solution for helping students understand individual taxation concepts. This edition includes the latest tax legislation that addresses individual taxpayers, from 2018 tax reforms to the Tax Cuts and Jobs Act of 2017. This edition's distinctive "Framework 1040" demonstrates how topics relate to one another and to the 1040 form. Clear examples, helpful tax scenarios and numerous case variations further clarify concepts and sharpen critical thinking, writing and online research skills.
Sample Solutions for this Textbook
We offer sample solutions for Individual Income Taxes homework problems. See examples below:
What is Tax: A tax is a payment levied by the order of Federal, state or local government agencies...Chapter 2, Problem 1DQIncome tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct...Chapter 4, Problem 1DQGross Income Exclusions: Congress has enacted sections 101 through 140 for the authority to exclude...Classification of deductible expenses: Deductible expenses are classified as deductions for adjusted...Personal/Rental use: “If the residence is rented for 15 days or more during a year and if it is used...Personal/Rental use: “If the residence is rented for 15 days or more during a year and if it is used...Compute Person J’s and Person M’s tax due for 2019: ParticularsAmountAmountAmount Salaries...
Bad debt deductions: A bad debt deduction is permitted only if the income associated to the accounts...Federal tax laws: “Federal tax laws reflect the three branches of the federal government. It is a...Cost Recovery: The process of distributing the capitalized cost of asset over a period of time, by...Calculate 2018 federal income tax payable (or refund due) for J. Step 1: Compute taxable income of...Chapter 8, Problem 58CPTax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a...Chapter 9, Problem 47PChapter 9, Problem 51CPChapter 9, Problem 52CPYes, Person D can deduct the medical expense. 50% of the business meals expenses in the case are...Compute net tax payable or refund due for Person A and Person B for 2018: ParticularsAmount...The two rules designed to limit the tax benefits a tax payer may obtain from a tax shelter...Chapter 12, Problem 1DQAlternative Minimum Tax (AMT): AMT is a tax system imposed by congress to collect a minimum amount...Chapter 12, Problem 54CPIf the margina tax rate of a taxpayer is less than 25%, it would be better for him/her to take a...Chapter 13, Problem 44CPStep 1: Compute taxable income of T and S for the year of 2019. DetailsAmount ($)Amount...Sale or other dispositions: Sale or other disposition refers to disposal of property. Transactions...Chapter 14, Problem 57CPChapter 14, Problem 58CPIn several nontaxable exchanges, the non-recognition of the realized gain or loss is temporary. The...Chapter 15, Problem 57CPIncome tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct...Chapter 16, Problem 51CPCapital Assets: Capital assets are held by assesse, whether associated with business or profession...Tax Year: A tax year refers to a fiscal year, a twelve month period ending on the last day of the...Defined contribution plans: In a defined contribution plan, the additions made to an employee’s...Compute the amount of long-term capital gains: Long-term capitalgains = Number shares × (Selling...Corporation: A business concern where there is a separate legal entity, and are owned by...Boot: Realized gain can be recognized by the transferor to the extent the transferors receive...
More Editions of This Book
Corresponding editions of this textbook are also available below:
INDIVIDUAL INCOME TAX
2019th Edition
ISBN: 9780357323410
South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
41st Edition
ISBN: 9781337389518
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