Questions from Federal Taxation

Q: a. Assuming that Nick and Jolene have total allowable itemized deductions

a. Assuming that Nick and Jolene have total allowable itemized deductions of $13,350 in 2017 and that they have no dependents, determine their 2017 taxable income and tax liability based on the projec...

Q: Peter is a professor of mathematics at State University. His lifetime

Peter is a professor of mathematics at State University. His lifetime avocation has been sailing and he owns an ocean going sailing vessel. He plans to retire in five years and spend the remainder of...

Q: Marlo and Merlin's son, Alex, needs $20,000

Marlo and Merlin's son, Alex, needs $20,000 to start a business. They have $30,000 in securities that they can use to give him the capital he needs. Pertinent information regarding the securities is...

Q: Germaine, 22, is a single individual with no dependents who

Germaine, 22, is a single individual with no dependents who recently graduated from college and has job offers from two firms. Germaine likes both companies equally well and has decided to base her d...

Q: Explain the circumstances under which a scholarship would not be excluded from

Explain the circumstances under which a scholarship would not be excluded from gross income.

Q: What is a tax credit?

What is a tax credit?

Q: What tax relief is provided to U.S. citizens who

What tax relief is provided to U.S. citizens who earn income in a foreign country and pay taxes in that country?

Q: How is capital gain income treated differently from other forms of income

How is capital gain income treated differently from other forms of income?

Q: How do employees benefit from payments made into a qualified pension plan

How do employees benefit from payments made into a qualified pension plan on their behalf?

Q: Distinguish group term life insurance from whole life insurance.

Distinguish group term life insurance from whole life insurance.