Questions from Individual Taxation

Q: Ken (birthdate July 1, 1987) and Amy (birthdate

Ken (birthdate July 1, 1987) and Amy (birthdate July 4, 1989) Booth have brought you the following information regarding their income, expenses, and withholding for the year. They are unsure which of...

Q: Ray and Maria Gomez have been married for 3 years. Ray

Ray and Maria Gomez have been married for 3 years. Ray is a propane salesman for Palm Oil Corporation and Maria works as a city clerk for the City of McAllen. Ray’s birthdate is Febr...

Q: Carl Conch and Mary Duval are married and file a joint return

Carl Conch and Mary Duval are married and file a joint return. Carl works for the Key Lime Pie Company and Mary is a homemaker after losing her job in 2017. Carl’s birthdate is June...

Q: Skylar and Walter Black have been married for 25 years. They

Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a homemaker and Walt is a high school teacher. Skylar’s So...

Q: Russell (birthdate February 2, 1967) and Linda (birthdate

Russell (birthdate February 2, 1967) and Linda (birthdate August 30, 1972) Long have brought you the following information regarding their income and expenses for the current year. Russell owns and op...

Q: Christopher Crosphit (age 42) owns and operates a health club

Christopher Crosphit (age 42) owns and operates a health club called “Catawba Fitness.” The business is located at 4321 New Cut Road, Spartanburg, SC 29303. The pri...

Q: John Williams (birthdate August 2, 1975) is a single

John Williams (birthdate August 2, 1975) is a single taxpayer. John’s earnings and withholdings as the manager of a local casino for 2018 are reported on his Form W-2: Johnâ&...

Q: The above amounts do not reflect any allocation between rental and personal

The above amounts do not reflect any allocation between rental and personal use of the condo. The Blacks are active managers of the condo. Required: Complete the Black’s federal tax...

Q: In 2018, Professor Patricia (Patty) Pâté retired from the

In 2018, Professor Patricia (Patty) Pâté retired from the Palm Springs Culinary Arts Academy (PSCAA). She is a single taxpayer and is 62 years old. Patty lives at 98 Colander...

Q: William sold Section 1245 property for $25,000 in 2018

William sold Section 1245 property for $25,000 in 2018. The property cost $37,000 when it was purchased 5 years ago. The depreciation claimed on the property was $17,000. a. Calculate the adjusted bas...