Questions from Individual Taxation

Q: Are all capital gains (gains on the sale or disposition of

Are all capital gains (gains on the sale or disposition of capital assets) taxed at the same rate? Explain.

Q: Are taxpayers allowed to deduct net capital losses (capital losses in

Are taxpayers allowed to deduct net capital losses (capital losses in excess of capital gains)? Explain.

Q: Compare and contrast for and from AGI deductions. Why are for

Compare and contrast for and from AGI deductions. Why are for AGI deductions likely more valuable to taxpayers than from AGI deductions?

Q: What is the difference between gross income and adjusted gross income,

What is the difference between gross income and adjusted gross income, and what is the difference between adjusted gross income and taxable income?

Q: The Samsons are trying to determine whether they can claim their 22

The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as a dependent. Jason is currently a full-time student at an out-of-state university. Jason lived in hi...

Q: John and Tara Smith are married and have lived in the same

John and Tara Smith are married and have lived in the same home for over 20 years. John’s uncle Tim, who is 64 years old, has lived with the Smiths since March of this year. Tim is searching for emplo...

Q: Francine’s mother Donna and her father Darren separated and divorced in September

Francine’s mother Donna and her father Darren separated and divorced in September of this year. Francine lived with both parents until the separation. Francine does not provide more than half of her o...

Q: Explain the assignment of income doctrine. In what situations would this

Explain the assignment of income doctrine. In what situations would this doctrine potentially apply?

Q: Jamel and Jennifer have been married 30 years and have filed a

Jamel and Jennifer have been married 30 years and have filed a joint return every year of their marriage. Their three daughters, Jade, Lindsay, and Abbi, are ages 12, 17, and 22 respectively and all l...

Q: Dean Kastner is 78 years old and lives by himself in an

Dean Kastner is 78 years old and lives by himself in an apartment in Chicago. Dean’s gross income for the year is $2,500. Dean’s support is provided as follows: Himself (5%), his daughters Camille (25...