Questions from Federal Taxation

Q: Bridgette is known as the "doll lady." She started collecting

Bridgette is known as the "doll lady." She started collecting dolls as a child, always received one or more dolls as gifts on her birthday, never sold any dolls, and eventually owned 600 dolls. She is...

Q: Harrier, who is single, is the owner of a sole

Harrier, who is single, is the owner of a sole proprietorship. Two years ago, Harriet developed a process for preserving doughnuL5 that gives the doughnut a much longer shelf life. The process is not...

Q: Five years ago, Gerald invested $150,000 in a

Five years ago, Gerald invested $150,000 in a passive activity, his sole investment venture. On January 1, 2017, his amount at risk in the activity was $30,000. His shares of the income and losses wer...

Q: Con1pute the taxable income for 2018 for Emily on the basis of

Con1pute the taxable income for 2018 for Emily on the basis of the following information. Her filing status is single.

Q: One income exclusion that some states allow that the Federal government does

One income exclusion that some states allow that the Federal government does not is for lottery winnings. Does your state have an exclusion for lottery winnings' If so, how does it work? Why do you th...

Q: Compute the taxable income for 2018 for Aiden on the basis of

Compute the taxable income for 2018 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2016.

Q: Patrick and Eva are planning to divorce in 2018. Patrick has

Patrick and Eva are planning to divorce in 2018. Patrick has offered to pay Eva $12,000 each year until their 11-year-old daughter reaches age 21. Alternatively, Patrick will transfer to Eva common st...

Q: In 2018, David is age 78, is a widower,

In 2018, David is age 78, is a widower, and is a dependent of his son. How does this situation affect the following' a. David's own individual filing requirement. b. The standard deduction allowed to...

Q: Adrian was awarded an academic scholarship to State University for the 20182019

Adrian was awarded an academic scholarship to State University for the 20182019 academic year. He received $6,500 in August and $7,200 in December 2018. Adrian had enough personal savings to pay all e...

Q: Emma Doyle is employed as a corporate attorney. For calendar year

Emma Doyle is employed as a corporate attorney. For calendar year 2018, she had AG! of $100,000 and paid the following medical expenses: Bob and April would qualify as Emma's dependents, except that...