Questions from General Taxation

Q: Accountants recognize revenue when it is both realized and a

Accountants recognize revenue when it is both realized and a. Recorded. b. Accumulated. c. Collected. d. Earned.

Q: Hortencia is employed as an accountant for a large firm in San

Hortencia is employed as an accountant for a large firm in San Diego. During 2017, she paid the following miscellaneous expenses: Unreimbursed employee business expenses…………………………. $520 AICPA dues………...

Q: Reggie, who is 55, had AGI of $32,

Reggie, who is 55, had AGI of $32,000 in 2017. During the year, he paid the following medical expenses: Drugs (prescribed by physicians) $200  Marijuana (prescribed by physicians) 1,400  Health...

Q: Dante and Rosa, both under 65 and married, have a

Dante and Rosa, both under 65 and married, have a combined AGI of $45,000 in year 2017. Due to certain heart issues, Dante has been prescribed Lipitor® by a physician. For year 2017, Dante spent a t...

Q: Steve purchased a personal residence from Adam. To sell the residence

Steve purchased a personal residence from Adam. To sell the residence, Adam agreed to pay $4,500 in points related to Steve’s mortgage. Discuss the tax consequences from the perspective of both Steve...

Q: Tyrone and Akira, who are married, incurred and paid the

Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2017: Home acquisition debt interest…………………. $15,000 Credit card interest………………………………………5,000 Home equity...

Q: Jaylen made a charitable contribution to his church in the current year

Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 1998 for $14,000). Jaylen’s AGI in the current year i...

Q: Adrian contributed an antique vase she had owned for 25 years

Adrian contributed an antique vase she had owned for 25 years to a museum. At the time of the donation, the vase had a value of $35,000. The museum displayed this vase in the art gallery. a. Assu...

Q: Three types of payments are associated with a decree of separation or

Three types of payments are associated with a decree of separation or a divorce a. What are those three payments? b. Which one has a tax consequence? c. What is the timing rule regarding the “recaptur...

Q: What are some of the limitations concerning deductibility of student loan interest

What are some of the limitations concerning deductibility of student loan interest? Be specific and comprehensive.