Questions from General Taxation

Q: Compute the taxable income for 2015 in each of the following independent

Compute the taxable income for 2015 in each of the following independent situations: a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent...

Q: Compute the taxable income for 2015 for Emily on the basis of

Compute the taxable income for 2015 for Emily on the basis of the following information. Her filing status is single. Salary ………………………………………………………………….………………………….……………$85,000 Interest income from bon...

Q: Compute the taxable income for 2015 for Aiden on the basis of

Compute the taxable income for 2015 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2013. Salary $ ……………………………………………………………………………………...

Q: In choosing between the standard deduction and itemizing deductions from AGI,

In choosing between the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical conditi...

Q: David is age 78, is a widower, and is being

David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following? a. David’s own individual filing requirement. b. David’s personal exemption...

Q: In the current year, Woodpecker, Inc., a C corporation

In the current year, Woodpecker, Inc., a C corporation with $8.5 million in assets, deducted amortization of $40,000 on its financial statements and $55,000 on its Federal tax return. Is Woodpecker re...

Q: Determine the amount of the standard deduction allowed for 2015 in the

Determine the amount of the standard deduction allowed for 2015 in the following independent situations. In each case, assume that the taxpayer is claimed as another person’s dependent. a. Curtis, age...

Q: Using the legend provided below, classify each statement as to the

Using the legend provided below, classify each statement as to the taxpayer for dependency exemption purposes a. Taxpayer’s son has gross income of $7,000. b. Taxpayerâ€&#...

Q: For tax year 2015, determine the number of personal and

For tax year 2015, determine the number of personal and dependency exemptions in each of the following independent situations: a. Leo and Amanda (ages 48 and 46, respectively) are husband and wife a...

Q: Sam and Elizabeth Jefferson file a joint return and have three

Sam and Elizabeth Jefferson file a joint return and have three children—all of whom qualify as dependents. If the Jeffersons have AGI of $332,000, what is their allowable deduction for personal and d...