Questions from General Taxation

Q: Under the terms of a divorce decree executed May 1, 2018

Under the terms of a divorce decree executed May 1, 2018, Ahmed transferred a house worth $650,000 to his ex-wife, Farah, and was to make alimony payments of $3,000 per month. The property has a tax b...

Q: Under the alimony recapture rules, what amounts are designated for recapture

Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences for those agreements executed before 2019 and remain unchanged post 201...

Q: Explain the business interest expense limitation rules for 2019.

Explain the business interest expense limitation rules for 2019.

Q: Indicate whether each of the following items is considered a for AGI

Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2019 tax year. a. Student loan interest. b. Gambling losses. c. Early withdrawal penalty. d. Ch...

Q: In 2019, Andrew contributed equipment with an adjusted basis of $

In 2019, Andrew contributed equipment with an adjusted basis of $20,000 and an FMV of $18,000 to Construction Limited Partnership (CLP) in return for a 3% limited partnership interest. Andrew’s share...

Q: Mickey is a 12-year-old dialysis patient. Three

Mickey is a 12-year-old dialysis patient. Three times a week for the entire year, he and his mother, Sue, drive 20 miles one way to Mickey’s dialysis clinic. On the way home, they go 10 miles out of t...

Q: Reynaldo and Sonya, a married couple, had flood damage in

Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2019, which was declared a federally designated disaster area. The flood damage ruined the fu...

Q: During the year 2019, Ricki, who is not self-

During the year 2019, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,000 miles to visit clients, 10,000 miles to get to her office,...

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. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2019, she incurred $6,475 in gambling...

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

Reggie, who is 55, had AGI of $32,000 in 2019. During the year, he paid the following medical expenses: Drugs (prescribed by physicians) ………………………………….…. $ 500 Marijuana (prescribed by physicians) ………...