Questions from General Taxation

Q: Arnold is a single individual and has adjusted gross income of $

Arnold is a single individual and has adjusted gross income of $65,000 in the current year. Arnold donates the following items to his favorite qualified charities: a. $5,000 cash to the athletic depa...

Q: Mario and Kaitlin are married and file a joint tax return.

Mario and Kaitlin are married and file a joint tax return. They have adjusted gross income of $385,000 that includes $4,700 of investment income ($3,000 short-term capital gains and $1,700 of corporat...

Q: What is the total deduction for personal and dependency exemptions for the

What is the total deduction for personal and dependency exemptions for the following taxpayers in 2017 if their AGI is $350,500? a. Married filing jointly with three dependents b. Single with no dep...

Q: Jessica and Jason are married, file a joint return, and

Jessica and Jason are married, file a joint return, and have 4 dependent children. Calculate their 2017 personal and dependency deductions for each of the following independent situations: a. Their A...

Q: Mark and Patricia report adjusted gross income of $380,500

Mark and Patricia report adjusted gross income of $380,500 and itemized deductions of $64,000 for the interest on their home acquisition mortgage (principal amount of $890,000), taxes, and charitable...

Q: Linda received $90,000 in salary income for 2017.

Linda received $90,000 in salary income for 2017. She has no dependents. Determine her income tax liability under each of the following independent situations: a. She files as a single individual. b...

Q: Marco and Lisa are married and file a joint tax return.

Marco and Lisa are married and file a joint tax return. Lisa has salary income of $260,000 and Marco has salary income of $400,000. They also have the following items of investment income: $60,000 net...

Q: Distinguish tax planning from tax compliance.

Distinguish tax planning from tax compliance.

Q: When Kelley couldn’t make several monthly payments on a business loan,

When Kelley couldn’t make several monthly payments on a business loan, her brother Mike made three of the monthly payments of $700 each, a total of $2,100 ($1,950 for interest expense and $150 for pri...

Q: Foster Corporation, a cash-basis taxpayer, borrowed $100

Foster Corporation, a cash-basis taxpayer, borrowed $100,000 on January 1, year 1, but received only $98,000. The loan matures in 10 years with the $100,000 principal due on that date. Interest of $10...