Individual Income Taxes43rd EditionHoffman Publisher: CENGAGE LEARNING - CONSIGNMENTISBN: 9780357109731
Individual Income Taxes
Solutions for Individual Income Taxes
Problem 8DQ:
LO.2 Robert purchased and placed in service 100,000 of 7-year class assets on August 10 of the...Problem 9DQ:
LO.2 Jim owns a very large ranch. A large part of his business is the production and raising of...Problem 11DQ:
Explain how the 179 immediate expensing deduction affects the computation of MACRS cost recovery.Problem 13DQ:
Discuss the definition of business income as it is used in limiting the 179 expensing amount.Problem 21CE:
LO.2 Euclid acquires a 7-year class asset on May 9, 2019, for 80,000 (the only asset acquired during...Problem 22CE:
LO.2 Hamlet acquires a 7-year class asset on November 23, 2019, for 100,000 (the only asset acquired...Problem 23CE:
LO.2 Lopez acquired a building on June 1, 2014, for 1 million. Calculate Lopezs cost recovery...Problem 24CE:
LO.2 Andre acquired a computer on March 3, 2019, for 2,800. He elects the straight-line method for...Problem 25CE:
LO.2, 3 Diana acquires, for 65,000, and places in service a 5-year class asset on December 19, 2019....Problem 26CE:
LO.3 McKenzie purchased qualifying equipment for his business that cost 212,000 in 2019. The taxable...Problem 27CE:
LO.4 On April 5, 2019, Kinsey places in service a new automobile that cost 60,000. He does not elect...Problem 28CE:
LO.7 On October 1, 2019, Priscilla purchased a business. Of the purchase price, 60,000 is allocated...Problem 33P:
LO.2 Orange Corporation acquired new office furniture on August 15, 2019, for 130,000. Orange does...Problem 34P:
LO.2 Weston acquires a new office machine (7-year class asset) on August 2, 2017, for 75,000. This...Problem 35P:
LO.2 Juan acquires a new 5-year class asset on March 14, 2019, for 200,000. This is the only asset...Problem 36P:
LO.2 Debra acquired the following new assets during 2019. Determine Debras cost recovery deductions...Problem 37P:
LO.2 On August 2, 2019, Wendy purchased a new office building for 3.8 million. On October 1, 2019,...Problem 39P:
LO.2 On May 5, 2019, Christy purchased and placed in service a hotel. The hotel cost 10.8 million,...Problem 41P:
Lori, who is single, purchased 5-year class property for 200,000 and 7-year class property for...Problem 42P:
LO.2, 3 Olga is the proprietor of a small business. In 2019, the businesss income, before...Problem 43P:
LO.2, 3, 9 On June 5, 2018, Javier Sanchez purchased and placed in service a new 7-year class asset...Problem 44P:
LO.3, 4 Jabari Johnson is considering acquiring an automobile at the beginning of 2020 that he will...Problem 45P:
LO.2, 4 On October 15, 2019, Jon purchased and placed in service a used car. The purchase price was...Problem 46P:
LO.4 On June 5, 2018, Leo purchased and placed in service a new car that cost 75,000. The business...Problem 47P:
LO.2, 3, 4 On March 15, 2019, Helen purchased and placed in service a new Escalade. The purchase...Problem 48P:
LO.2, 4 On May 28, 2019, Mary purchased and placed in service a new 60,000 car. The car was used 60%...Problem 50P:
LO.2, 4, 9 Dennis Harding is considering acquiring a new automobile that he will use 100% for...Problem 51P:
LO.2, 5 In 2019, Muhammad purchased a new computer for 16,000. The computer is used 100% for...Problem 52P:
LO.2, 5, 9 Jamie purchased 100,000 of new office furniture for her business in June of the current...Problem 58CP:
John Smith, age 31, is single and has no dependents. At the beginning of 2019, John started his own...Problem 1RP:
Your client, Daves Sport Shop, sells sports equipment and clothing in three retail outlets in New...Problem 1CPA:
Michael Sima, a sole proprietor craftsman, purchased an amount of equipment in the current year that...Problem 2CPA:
Cox Construction, a company in its 10th year of business, purchased a piece of equipment on April 1,...Problem 3CPA:
Stem Corp. bought a machine in February of year 7 for 20,000. Then Stem bought furniture in November...Problem 5CPA:
Data, Inc., purchased and placed in service a 5,000 computer on August 24, year 3. This is the only...Problem 6CPA:
Data, Inc., purchased and placed in service 5,000 of office furniture on August 24, year 3. This is...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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