Questions from Individual Taxation

Q: Gerry (age 56) and Elaine (age 54) have

Gerry (age 56) and Elaine (age 54) have been married for 12 years and file a joint tax return. The couple lives in an apartment in downtown Manhattan. Gerry’s father, Mortey, recently retired from Del...

Q: James and Kate Sawyer were married on New Year’s Eve of 2015

James and Kate Sawyer were married on New Year’s Eve of 2015. Before their marriage, Kate lived in New York and worked as a hair stylist for one of the city’s top salons. James lives in Atlanta where...

Q: Derek and Meagan Jacoby recently graduated from State University and Derek accepted

Derek and Meagan Jacoby recently graduated from State University and Derek accepted a job in business consulting while Meagan accepted a job in computer programming. Meagan inherited $75,000 from her...

Q: Compare and contrast the employer’s responsibilities for providing a defined benefit plan

Compare and contrast the employer’s responsibilities for providing a defined benefit plan to employees relative to providing a defined contribution plan.

Q: Is the break-even period generally longer or shorter for points

Is the break-even period generally longer or shorter for points paid to reduce the interest rate on initial home loans or points paid for the same purpose on a refinance? Explain.

Q: Consider the settlement statement in Appendix A to this chapter. What

Consider the settlement statement in Appendix A to this chapter. What amounts on the statement are the Jeffersons allowed to deduct on their 2016 tax return? Indicate the settlement statement line num...

Q: A taxpayer sold a piece of real property in year 1.

A taxpayer sold a piece of real property in year 1. The amount of year 1 real property taxes was estimated at the closing of the sale and the amounts were allocated between the buyer and the taxpayer....

Q: Is a homeowner allowed a property tax deduction for amounts included in

Is a homeowner allowed a property tax deduction for amounts included in the monthly mortgage payment that are earmarked for property taxes? Explain.

Q: Is it possible for a taxpayer to receive rental income that is

Is it possible for a taxpayer to receive rental income that is not subject to taxation? Explain.

Q: Halle just acquired a vacation home. She plans on spending several

Halle just acquired a vacation home. She plans on spending several months each year vacationing in the home, and she plans on renting the property for the rest of the year. She is projecting tax losse...