Questions from Federal Taxation

Q: Bart and Elizabeth Forrest are married and have no dependents They have

Bart and Elizabeth Forrest are married and have no dependents They have asked you to advise them whether they should file jointly or separately in 2018. They present you with the following information...

Q: Evan is single and has AGI of $277,300 in

Evan is single and has AGI of $277,300 in 2018. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: After all necessary adjustments are...

Q: For calendar year 2018, Stuart and Pamela Gibson file a joint

For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows: Calculate the amount of itemized deductions the Gibsons may...

Q: Dorothy acquired a 100% interest in two passive activities: Activity

Dorothy acquired a 100% interest in two passive activities: Activity A in January 2013 and Activity B in 2014. Through 2016, Activity A was profitab1e, but it produced 10sses of $200,000 in 2017 and $...

Q: Seojun acquired an activity several years ago, and in the current

Seojun acquired an activity several years ago, and in the current year, it generates a loss of $ 50,000. Seojun has AGI of $140,000 before considering the 10ss from the activity. If the activity is a...

Q: Yanni, who is single, provides you with the following information

Yanni, who is single, provides you with the following information 2018. a. What is Yanni's 2018 taxable income? b. What is Yanni's 2018 AMT1? c. What is Yanni's 2018 TMT?

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

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 were...

Q: Arthur Wesson, an unmarried individual who is age 68, reports

Arthur Wesson, an unmarried individual who is age 68, reports taxable income of $510,000 in 2018. He records positive AMT adjustments of $80,000 and preferences of $35,000. Arthur itemizes his deducti...

Q: Calculate the exemption amount for the following cases in 2018 for a

Calculate the exemption amount for the following cases in 2018 for a married taxpayer filing jointly and for a married taxpayer filing separately In addition, use Microsoft Excel to express your solut...

Q: Lisa records nonrefundable Federal income tax credits of $65,000

Lisa records nonrefundable Federal income tax credits of $65,000 for the year. Her regular income tax liability before credits is $190,000, and her TMT is $150,000 a. What is Lisa's AMT? b. What is Li...