Based in U.S.A. only1(a) Which of the following are deductible,.docx

•Download as DOCX, PDF•

0 likes•3 views

Based in U.S.A. only 1(a): Which of the following are deductible, who reports the corresponding income if applicable, and why: (i) Sam and his wife were married during a whirlwind trip to Law Vegas. The day after the nuptials, they decided they had made a mistake and split, though they never file for divorce. For the last five years, Sam has been sending her a check for 1K every month to “help her out.” (ii) Same situation, but rather than sending a check each month, Sam gave his wife a credit card and pays the bill for what she spends, about 1K per month. (iii) Evaluate (i) and (ii) above if they had filed for divorce, and there was a consent decree (agreement filed with and approved by the Court) to pay spousal support. Ignore the obvious malpractice on Sam’s attorney’s part. (iv) Evaluate (i) and (ii) above if they obtained a legal separation, but decided to live together anyway. (v) Michael runs his own business. In the course of his business, he needed to organize as an S-Corporation. He hired an attorney to handle this for him and seeks to deduct the attorney fees. (vi) Michael is obviously not in the tax business, as he was audited in 2010. He hired a tax attorney to handle the audit and assist him. He seeks to deduct those fees. (vii) Fiona makes a contribution to the NRA every year. She also contributes to the Arizona Humane Society. Are either or both of these donations deductible? (viii) Madeline has 30K per year of income as well as 25K per year of investment income. There was a problem with her Medicare paperwork, and she failed to have insurance coverage in force when she slipped and broke her leg. Her medical expenses were 20K. Can she deduct those expenses? 1(b): Can the Taxpayer claim the following dependent(s)? Why or why not? (i) Fiona’s niece is sixteen and has come to the U.S. from Ireland because her parents were in violent trouble. She moved in with Fiona in March and lived there throughout the year. Fiona paid for all of her expenses. Can Fiona claim her as a dependent? What if the niece’s friend stayed with Fiona too? (ii) Same as above, but Fiona received checks intermittently from her sister. Those checks totaled 17K through the year. What should Fiona do to make sure she can claim Niece as a dependent? .

Education

the year. Fiona paid for all of her expenses. Can Fiona claim her
as a dependent? What if the niece’s friend stayed with Fiona
too? (ii) Same as above, but Fiona received checks
intermittently from her sister. Those checks totaled 17K through
the year. What should Fiona do to make sure she can claim
Niece as a dependent?

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com 1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of 2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.

Legal InfluencesDo we have too many laws Does the existence o.docx

SHIVA101531

Legal Influences Do we have too many laws? Does the existence of so many laws and regulations hinder or help American Business today. Feel free to give examples of some “stupid” laws! Have fun with this discussion! Unions and Video Surfing! Please go to You Tube, bing.com videos, or any Video sharing web site and add the Key Word: "Unions” Find a video that interests you of the thousands that are on the net on any aspect on Unions Watch the Video that you selected and take notes on what you viewed. 1 In a paper of at least two and not more than three, double spaced pages, no Title Page, tell me what video you viewed. 2 Make sure that you provide the Internet address and the Title on what you viewed. 3 Explain what you viewed and what you learned. 4 You may supplement your viewing with any other information or your opinion. ENJOY YOUR SURFING! Chapter 1 26. LO.4, 5 A question on a state income tax return asks the taxpayer if he or she made any out-of-state Internet or mail-order catalog purchases during the year. The question requires a yes or no answer, and if the taxpayer answers yes, the amount of such purchases is to be listed. a. Does such an inquiry have any relevance to the state income tax? If not, why is it being asked? b. Your client, Harriet, wants to leave the question unanswered. As the preparer of her return, how do your respond? 36.LO.5 Assess the probability of an audit in each of the following independent situations: a. As a result of a jury trial, Linda was awarded $3.5 million because of job discrimination. The award included $3 million for punitive damages. b. Mel operates a combination check-cashing service and pawnshop. c. Jayden, a self-employed trial lawyer, routinely files a Schedule C (Form 1040) that, due to large dedcti8ons, reports little (if any) profit from his practice. d. Bernard is the head server at an upscale restaurant and recently paid $1.8 million for a residence in an exclusive gated community. 42.LO.5, 6 On a Federal income tax return filed five years ago, any inadvertently omitted a large amount of gross income. a. Andy seeks your advice as to whether the IRS is barred from assessing additional income tax in the event he is audited. What is your advice? b. Would your advice differ if you were the person who prepared the return in question? Explain. c. Suppose Andy asks you to prepare his current year’s return. Would you do so? Explain. 50. LO.7, 8 Discuss the probable justification for each of the following aspects of the tax law: a. A tax credit is allowed for amounts spent to furnish care for minor children while the parents work. b. Deductions for interest on home mortgage and property taxes on personal residence. c. The income splitting benefits of filing a joint return. d. Gambling losses in excess of gambling gains. e. Net operating losses of a current year can be carried back to profitable years. f. A taxpayer who sells pr ...

ACC 547 Education Specialist / snaptutorial.com

McdonaldRyan127

A taxpayer should include which of the following when figuring their.pdf

fancycollections2010

A taxpayer should include which of the following when figuring their federal gross income? The IRS requires paid tax preparers to keep a completed copy of returns or claim for refund; or retain some type of record, or list, which includes the taxpayer's name, identification number, and tax year. How long must these records be retained and available for inspection? Maleko (55) and Luni (50) will file married filing jointly. Neither is blind. What is their 2022 standard deduction? Seth and Marisol were divorced on December 1, 2022. Neither had dependents they could claim for 2022. What is Seth's correct and most favorable 2022 filing status? Kiri and Divina are registered domestic partners. Neither had dependents they could claim for 2022. What is Kiri's and Divina's correct and most favorable 2022 filing status on the federal return? What is the due date to file a 2022 Form 1040, U.S. Individual Income Tax Return, or request an extension? Michael and Amina are married and lived in a community property state the entire year. Michael earned $40,000 in wages, and Amina earned $60,000. If Michael and Amina file separate returns, how much income will be reported on their returns?.

ACC 547 OUTLET Inspiring Innovation--acc547outlet.com

williamwordsworth33

This document provides information and questions related to the ACC 547 final exam, including: 1. Details about gift tax exclusions and due dates for filing gift tax returns. 2. Questions related to gift and estate tax calculations and exclusions. 3. A comprehensive accounting problem calculating depreciation expenses for a machine shop over multiple years. 4. Details of a sample tax return including income, deductions, and credits for a married couple.

ACC 547 Enhance teaching - tutorialrank.com

LeoTolstoy08

For more course tutorials visit www.tutorialrank.com 1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of 2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.

ACC 547 Education Organization -- snaptutorial.com

DavisMurphyB91

For more classes visit www.snaptutorial.com 1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of 2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.

ACC 547 MASTER Become Exceptional--acc547master.com

agathachristie64

- Jordan and Diana Diego are married and file a joint return with their daughter Emily as a dependent. - Jordan earned $68,000 in wages and Diana earned $40,000 in wages. They paid mortgage interest, property taxes, and sales taxes. - They owned a vacation home that was rented out for 120 days, generating $12,000 in rental income. They incurred expenses related to maintaining the rental property. - They contributed $3,000 to their church and Jordan had $2,000 in unreimbursed employee expenses related to using his personal vehicle for work prior to his employer providing a vehicle.

This document provides a summary of key information related to an ACC 547 final exam guide, including: 1. Details about gift tax exemptions and due dates for filing gift tax returns. 2. Examples of taxable gifts and nontaxable transfers for gift tax purposes. 3. Information about unified tax rates, estate tax deductions, credits that can be used to offset estate taxes, and includible property in a decedent's gross estate. 4. Details and examples of topics covered in the ACC 547 course such as basis, depreciation, gains/losses, and estate tax valuation dates.

ACC 547 MASTER Redefined Education--acc547master.com

claric185

FOR MORE CLASSES VISIT www.acc547master.com 1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of 2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016. If Vega did not request an extension of time for filing the 2016 gift tax return, the due date for filing was 3. Under the unified rate schedule

ACC 547 MASTER Inspiring Innovation--acc547master.com

KeatonJennings38

This document provides information and questions related to an ACC 547 final exam guide, including topics like gift tax exclusions and rates, due dates for filing gift and estate tax returns, taxable gifts, the marital deduction, the generation-skipping transfer tax, estate tax deductions, and valuation of estate assets. Sample exam questions cover these tax topics and ask about filing requirements, deductions, includible property, and valuations. The document also provides information about a comprehensive accounting problem on depreciation and asset transactions for Machines Inc. for tax years 2013-2016.

1.Al made the following gifts this year·$400,000 to his d.docx

elliotkimberlee

1. Al made the following gifts this year: · $400,000 to his daughter · $200,000 to his son · $50,000 to his grandson · $20,000 to City University. Assume the tax rates for 2013 are in effect. Compute Al’s taxable gifts. Show your work. 2. Al’s wife, Maria, has agreed to split the gifts (above). Compute the taxable gift for each. Show your work. 3. Ten years ago, Clyde and his wife, Bonnie, purchased 100 shares of GE stock for $10,000, holding it as JTWROS. Clyde paid for the stock entirely from his savings account. Clyde died last year when the stock was worth $100,000. How much will be included in Clyde’s estate? Show your work. 4. Ten years ago, John purchased 100 shares of JNJ stock for $10,000, titling it JTWROS with his brother, Robert. John paid $6,000 for the stock and Robert paid $4,000. Robert died last year when the stock was worth $100,000. How much will be included in Robert’s estate? Show your work. 5. Alice, Betty, and Candy are cousins. They decided to form an investment club. Each contributed $5,000 and the club purchased IBM stock. Alice died last year. At the time of her death, the stock had doubled in value. How much will be included in her estate? Show your work. 6. Ten years ago, Amanda created an irrevocable trust and funded it with $500,000. Amanda died last year. Assuming she made no other taxable gifts, how much is in her gross estate? Show your work. 7. Two years ago, Anthony created an irrevocable trust and transferred in his life insurance policy that had a death benefit of $3,000,000. The trust was named the owner and beneficiary. Anthony died last year. Assuming he made no other taxable gifts, how much is in his gross estate? Show your work. 8. - 10. Janice and Jacob are a married couple who have come to you for financial and estate planning. Their primary goal is to minimize estate and gift taxes. Their children are married and doing well so their main concern is to maintain their lifestyle regardless of which of them passes first. They love their Uncle Sam but would like to disinherit him if at all possible. Janice and Jacob own the following assets together: (You may assume that they do not live in a community property state.) · Checking Account $110,000 · Savings Account $100,000 · Municipal Bonds $200,000 · Primary Residence $7,000,000 · Vacation Home $4,940,000 Jacob owns the following assets in his own name: · IRA Account $2,000,000 · Mutual Fund Accounts $1,500,000 · 401(k) Account $1,500,000 · Little Red Corvette $100,000 Janice owns the following assets in her own name: · Credit Union Account $500,000 · Stock Account $2,500,000 · 403(b) Account $1,500,000 · Lexus $120,000 Janice and Jacob have a personal loan account (Joint) with a balance of $100,000. They estimate that funeral expenses would run approximately $25,000 (each). They have a mortgage on their residence in the amount of $2,000,000. Five years ago, Jacob.

Acc 547 Effective Communication / snaptutorial.com

Baileyq

ACC 547 Exceptional Education - snaptutorial.com

DavisMurphyB25

Each issue should be addressed in the following format1. Immed.docx

hasselldelisa

Each issue should be addressed in the following format: 1. Immediately identify the issue. For example. Fraud 2. Identify the party that can bring the issue/claim and against whom 3. Discuss the elements 4. Discuss the facts that support that claim 5. Discuss a defense. You must identify three (5) issues. It should like eassy form. A. John is not a resident of Washington State. In June of 2009, John was using his parent’s vacation home in Washington State and was involved in a vehicle accident with local resident Stacey. Stacey’s car was damaged and she was out of work for an extensive period of time. Stacey is seeking over $120,000 in damages. Stacey filed her action in King County District Court Court. More than 100 days later, Stacey had John served. At the time service was attempted, John’s neighbor was housesitting and appeared less than sober when he answered the door. When John filed his response, he made a counter claim for $15,000 and sought to remove the case to federal court. John is raising a defense that is recognized under Idaho law, which his state of residence. Stacey’s cousin, outraged about the accident, is also bringing a suit against John. (Assume the Statute of Limitations is three years from the date of incident.) .

TRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docx

gtameka

TRUE OR FALSE: 1. N, a nonresident alien individual, was born in Country X and has resided there for the past 40 years. N is the president of a large department store in Country X and is also actively involved in civic, business, social and charitable activities in Country X. Concerned about a recent military coup in Country X, N accepts his opportunity to obtain a green card and he visits the U.S. on May 10,2015 to get his card. Unfortunately, N is killed in an automobile accident in the U.S. on May 15,2015 before his scheduled October 1, 2015 return to Country X. N is a resident decedent for U.S. estate tax purposes. 2 . A (a U.S. citizen), B (an NRA), FlaCo (a Florida Corporation), and FCo (a foreign corporation) each own 1/4 interest in a Florida general partnership which is involved in real estate development. In years 2011 through 2014, the partnership generates a $100,000 operating loss and each partner files its appropriate U.S. income tax returns to record its respective losses. In 2015, the partnership generates effectively connected taxable income (\"ECTI\") of $400,000 and each partner has $100,000 of ECTI allocated to it. Even though both B (an NRA) and FCo (a foreign corporation) have sufficient losses to offset the 2015 ECTI, under the general rule, the partnership must withhold U.S. income tax with respect to their 2015 ECTI. Solution Answer 1 is false as decedent is the non resident alien individual had no tangible property in U.S. Answer 2 is true, any member who is non resident of the state and have income from the state, the partnership must withhold the US income tax which a partner can get the refunded after filing their return. .

I dont understand how to plug in the numbers on the correct lines f.pdf

allystraders

I don't understand how to plug in the numbers on the correct lines for the form 1040 - US Individual Income Tax return 2019 Please help! John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2020 AMT exemption for reference. The Fergusons reported making the following payments during the year: State income taxes of $4,400. Federal tax withholding of $21,000. Alimony payments to Johns former wife of $10,000 (divorced on 12/31/2014). Child support payments for Johns child with his former wife of $4,100. $12,200 of real property taxes. Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. $3,600 to Kid Care day care center for Samanthas care while John and Sandy worked. $14,000 interest on their home mortgage ($400,000 acquisition debt). $3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car. $15,000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000. Complete pages 1 and 2, Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. John and Sandy Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: John (DOB 11/07/1970): 111-11-1111 Sandy (DOB 6/24/1972): 222-22-2222 Samantha (DOB 9/30/2016): 333-33-3333 Alimony recipient: 555-55-5555 (Input all the values as positive numbers. Round your intermediate calculations and final answers to the nearest whole dollar. Use 2020 tax rules regardless of year on tax form.).

Lpi Essay Topics 2013. Online assignment writing service.

Tiny Keenan

The document discusses the steps to request and receive a custom paper writing service through the website HelpWriting.net. It involves 5 steps: 1) Creating an account with valid email and password. 2) Completing a 10-minute order form providing instructions, sources, and deadline. 3) Reviewing bids from writers and choosing one. 4) Reviewing the received paper and authorizing payment if satisfied. 5) Requesting revisions to ensure satisfaction, with a refund offered for plagiarized content.

Benson goes into His estate is not sufficient to.docx

write12

Benson filed for bankruptcy but his estate was insufficient to pay all taxes owed. One of his debts was obtaining property from Anderson by falsely claiming to be solvent when he was actually insolvent. Bradley filed for Chapter 7 bankruptcy owing wages to four employees. There was enough in the estate to pay administrative costs and the employees, but nothing left for other creditors. Jessica sold goods to Stacy and retained a security interest, but two months later Stacy filed for Chapter 7 bankruptcy still owing Jessica $2,000.

Based on your course reading assignments and your pending research p.docx

Based in U.S.A. only1(a) Which of the following are deductible,.docx

Recommended

Recommended

More Related Content

Similar to Based in U.S.A. only1(a) Which of the following are deductible,.docx

Similar to Based in U.S.A. only1(a) Which of the following are deductible,.docx (20)

More from cherishwinsland

More from cherishwinsland (20)

Recently uploaded

Recently uploaded (20)

Based in U.S.A. only1(a) Which of the following are deductible,.docx