Questions from General Taxation

Q: Alice rented her personal residence for 13 days to summer vacationers for

Alice rented her personal residence for 13 days to summer vacationers for $4,500. She has AGI of $105,000, before the rental income. Related expenses for the year include the following: Real proper...

Q: Nicole and Mohammad (married taxpayers filing jointly) are equal owners

Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $450,000 and expenses of $310,000. The corporation also earned $20,...

Q: Determine the retirement savings contributions credit in each of the following cases

Determine the retirement savings contributions credit in each of the following cases. a) A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,600. b) A married...

Q: Determine the amount of Earned Income Credit in each of the following

Determine the amount of Earned Income Credit in each of the following cases. Assume that the person or persons is/are eligible to take the credit. Calculate the credit using the formulas. a) A sing...

Q: In 2017, Jeremy and Celeste who file a joint return,

In 2017, Jeremy and Celeste who file a joint return, paid the following amounts for their daughter, Alyssa, to attend University of Colorado, during academic year 2017-2018. Alyssa was in her first y...

Q: Respond to the following independent situations: a. Jacob

Respond to the following independent situations: a. Jacob is a single taxpayer who has net investment income consisting of $10,000 interest on a certificate of deposit, $5,000 from dividends from a...

Q: Two methods are used to allocate expenses between personal and rental uses

Two methods are used to allocate expenses between personal and rental uses of property. Explain the Tax Court method and the IRS method. Which method is more beneficial to the taxpayer?

Q: Charles, a self-employed real estate agent, attended a

Charles, a self-employed real estate agent, attended a conference on the impact of some new building codes on real estate investments. His unreimbursed expenses were as follows: Airfare…………………………………...

Q: Jake purchased a $235,000 crane for his construction business

Jake purchased a $235,000 crane for his construction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume Jake is in the 33% tax rate bracket. a. On what form woul...

Q: Janet purchased her personal residence in 2007 for $250,000

Janet purchased her personal residence in 2007 for $250,000. In January 2017 she converted it to rental property. The fair market value at the time of conversion was $210,000. a. Determine the amoun...