Questions from General Taxation

Q: Matt and Marie own a vacation home at the beach. During

Matt and Marie own a vacation home at the beach. During the year, they rented the house for 42 days (6 weeks) at $890 per week and used it for personal use for 58 days. The total costs of maintainin...

Q: Betsy acquired a new network system on June 5, 2017 (

Betsy acquired a new network system on June 5, 2017 (5-year class property) for $75,000. She expects taxable income from the business will always be about $175,000 without regard to the §179 election...

Q: Randolph and Tammy own a second home. They spent 45 days

Randolph and Tammy own a second home. They spent 45 days there and rented it for 88 days at $150 per day during the year. The total costs relating to the home include the following: Mortgage intere...

Q: Mabel, Loretta, and Margaret are equal partners in a local

Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year: Revenue……………………………………………$600,000 Business expenses………………………………...

Q: Janet owns a home at the lake. She incurs the following

Janet owns a home at the lake. She incurs the following expenses: Mortgage interest…………………………..$1,300 Property taxes ……………………………………800 Insurance……………………………….………1,500 Utilities……………………………………………1,800...

Q: Determine the amount of child tax credit in each of the following

Determine the amount of child tax credit in each of the following cases. a) A single parent with modified AGI of $43,400 and two children. b) A single parent with modified AGI of $77,058 and three ch...

Q: Tim and Martha paid $7,900 in qualified employment-

Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,800 of dependent care assistance from her...

Q: Lois purchased the following blocks of Westgate Stock: Date

Lois purchased the following blocks of Westgate Stock: Date Shares Price  June 12, 2014 1,000 $4.225  October 21, 2014 2,000 $4.775  December 18, 2016 1,500 $5.500   Lois sold 1,600...

Q: During 2017, Roberto sold 830 shares of Casual Investor Mutual fund

During 2017, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares were purchased on the following dates: Date Shares Price  May 31, 2013 400 $9.375  Septem...

Q: In 2015 Jessica bought a new heavy truck for $45,

In 2015 Jessica bought a new heavy truck for $45,000 to use 80% for her sole proprietorship. Total miles driven include 12,000 in 2015, 14,500 in 2016, and 13,000 in 2017. a. If Jessica uses the sta...