Questions from Individual Taxation

Q: During the current year, Ron and Anne sold the following assets

During the current year, Ron and Anne sold the following assets: Capital Asset Market Value Tax Basis Holding Period   L stock $50,000 $41,000 > 1 year   M stock  28,000 39,000 > 1 y...

Q: In 2018, Tom and Amanda Jackson (married filing jointly)

In 2018, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: a) On May 12, 2018, they sold a painting (art) for $110,000 that was i...

Q: Anwer owns a rental home and is involved in maintaining it and

Anwer owns a rental home and is involved in maintaining it and approving renters. During the year he has a net loss of $8,000 from renting the home. His other sources of income during the year are a s...

Q: Whitney received $75,000 of taxable income in 2018.

Whitney received $75,000 of taxable income in 2018. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? a. She files under...

Q: Jake is a retired jockey who takes monthly trips to Las Vegas

Jake is a retired jockey who takes monthly trips to Las Vegas to gamble on horse races. Jake also trains race horses part time at his Louisville ranch. So far this year, Jake has won almost $47,500 du...

Q: In 2018, Lisa and Fred, a married couple, have

In 2018, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported t...

Q: Rick, who is single, has been offered a position as

Rick, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Rick has no dependents. Rick deducts the standard deduction instead of...

Q: Through November, Cameron has received gross income of $120,

Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of reve...

Q: Nitai who is single and has no dependents, was planning on

Nitai who is single and has no dependents, was planning on spending the weekend repairing his car. On Friday, Nitai’s employer called and offered him $500 in overtime pay if he would agree to work ove...

Q: Nola, a tax novice, has a fairly simple tax question

Nola, a tax novice, has a fairly simple tax question. Besides tax services, what are some sources that she can use to answer her question?