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Ann and Bill were on the list of a local adoption agency for several years, seeking to adopt a child. Finally, in 2014, good news came their way, and an adoption seemed imminent. They paid qualified a...
See AnswerQ: Paul and Karen are married, and both are employed (Paul
Paul and Karen are married, and both are employed (Paul earns $44,000 and Karen earns $9,000 during 2015). Paul and Karen have two dependent children, both under the age of 13. So they can work, Paul...
See AnswerQ: Crane and Loon Corporations, two unrelated C corporations, have the
Crane and Loon Corporations, two unrelated C corporations, have the following transactions for 2015: a. Compute the dividends received deduction for Crane Corporation. b. Compute the dividends receive...
See AnswerQ: Jim and Mary Jean are married and have two dependent children under
Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are gainfully employed and during 2015 earn salaries as follows: $16,000 (Jim) and $5,200 (Mary Jean). T...
See AnswerQ: Bernadette, a longtime client of yours, is an architect and
Bernadette, a longtime client of yours, is an architect and the president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing educati...
See AnswerQ: Mark and Lisa are approaching an exciting time in their lives as
Mark and Lisa are approaching an exciting time in their lives as their oldest son, Austin, graduates from high school and moves on to college. What are some of the tax issues Mark and Lisa should cons...
See AnswerQ: For many years, Loretta Johnson, a single mother of three
For many years, Loretta Johnson, a single mother of three children, has been struggling to make ends meet by working at two jobs that pay barely the minimum wage and together provide just over $15,000...
See AnswerQ: Joyce, a widow, lives in an apartment with her two
Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2015. She uses the standard deduction. a. Calculate the amount, if any...
See AnswerQ: William and Abigail, who live in San Francisco, have been
William and Abigail, who live in San Francisco, have been experiencing problems with their marriage. They have a 3-year-old daughter, April, who stays with William’s parents during the day because bot...
See AnswerQ: Sam and Abby are dependents of their parents, and each has
Sam and Abby are dependents of their parents, and each has income of $2,100 for the year. Sam’s standard deduction for the year is $1,050, while Abby’s is $2,450. As their income is the same, what cau...
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