Questions from Individual Taxation


Q: Duff is really interested in decreasing his tax liability, and by

Duff is really interested in decreasing his tax liability, and by his very nature he is somewhat aggressive. A friend of a friend told him that cash transactions are more difficult for the IRS to iden...

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Q: Dontae’s employer has offered him the following employment package. What is

Dontae’s employer has offered him the following employment package. What is Dontae’s gross income from his employment? Salary………………………………………………………………………..$400,000 Health Insurance……………………………………………...

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Q: Explain why the cost of commuting from home to work is not

Explain why the cost of commuting from home to work is not deductible as a business expense.

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Q: Determine whether a taxpayer can change his or her election to itemize

Determine whether a taxpayer can change his or her election to itemize deductions once a return is filed. (Hint: Read about itemization under Reg. §1.63-1.)

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Q: Hardaway earned $100,000 of compensation this year. He

Hardaway earned $100,000 of compensation this year. He also paid (or had paid for him) $3,000 of health insurance. What is Hardaway’s AGI in each of the following situations (ignore the effects of S...

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Q: In each of the following independent cases, indicate the amount (

In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) neither deductible for nor deductible from AGI before considering income limita...

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Q: Describe how interest income and dividend income are taxed. What are

Describe how interest income and dividend income are taxed. What are the similarities and differences in their tax treatment?

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Q: What tax rate applies to net short-term capital gains?

What tax rate applies to net short-term capital gains?

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Q: In reviewing the tax rate schedule for married filing jointly, Jorge

In reviewing the tax rate schedule for married filing jointly, Jorge and Anita note that the tax on $155,000 is $29,517.50 plus 28 percent of the taxable income over $151,900. What does the $29,517....

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Q: What limitations are placed on the deductibility of capital losses for individual

What limitations are placed on the deductibility of capital losses for individual taxpayers?

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