Homework Answers
Answers:
b. Amount to be included : $10,400
Explanation:
23,000 - 12,600 = $10,400. It is includible in Shirley’s gross income as alimony. Amounts designated as 'nonalimony' in the divorce or written separation agreement are not treated as alimony for tax purposes.
c. Amount to be included : $15,800
Explanation:
$15,800 is includible in Shirley’s gross income as alimony. The additional $7,200 ($23,000-15,800) in payment is treated as child support as these payments stops when there is a specific contingency relating to the child.
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my WUIR Part 2 of 3 Required information Problem 5-54 (LO 5-2) [The following information applies...
Required information [The following information applies to the questions displayed below.) Lanny and Shirley divorced in...
Required information [The following information applies to the questions displayed below.) Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $22,000 per year. All property was divided equally. a. How much should Shirley include in income if Lonny's payments are made in cash but will cease if Shirley dies or remarries? Amount to be included
13 Required information Problem 5-71 (LO 5-3) [The following information applies to the questions displayed below.]...
13 Required information Problem 5-71 (LO 5-3) [The following information applies to the questions displayed below.] This year, Leron and Sheena sold their home for $609,500 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and Sheena? (Leave no answer blank. Enter zero if applicable.) 02:10:47 eBook Problem 5-71 Part-a eferences a. Leron and Sheena bought the home three years ago for $105,000 and lived in the home until it...
Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part...
Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 2 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $ (65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print...
00 Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.]...
00 Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 1 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $(65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print...
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Please answer both 5 AND 6 Check my work Part 1 of 2 Required information Problem...
Please answer both 5
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Check my work Part 1 of 2 Required information Problem 6-30 (LO 6-1) [The following information applies to the questions displayed below.) points This year Jack intends to file a married-joint return. Jack received $179,600 of salary, and paid $8,150 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $9,000 and $29,400 of alimony to his ex-wife, Diane, who...
Required information Problem 5-51 (LO 5-2) [The following information applies to the questions displayed below.] Anne...
Required information Problem 5-51 (LO 5-2) [The following information applies to the questions displayed below.] Anne purchased an annuity from an insurance company that promised to pay her $25,000 per year for the next 10 years. Anne paid $182,500 for the annuity, and in exchange she will receive $250,000 over the term of the annuity. Problem 5-51 Part-a a. How much of the first $25,000 payment should Anne include in gross income? (Do not round intermediate calculations.) Amount to be...
Help me correct answers. Show explanation Required information Problem 6-54 (LO 6-3) (Static) [The following information...
Help me correct answers. Show explanation
Required information Problem 6-54 (LO 6-3) (Static) [The following information applies to the questions displayed below.] Jackson is 18 years old and has a dog-sitting business. Calculate the 2020 standard deduction Jackson will claim under the following independent circumstances. Problem 6-54 Part-a (Static) Jackson reported $2,000 of earnings from his dog sitting and $300 in interest income from his savings account. Jackson's parents claim him as a dependent. Standard deduction $ 2,350 Required information...
Required information Problem 5-66 (LO 5-3) (The following information applies to the questions displayed below.] Bart...
Required information Problem 5-66 (LO 5-3) (The following information applies to the questions displayed below.] Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart's gross income. (Leave no answer blank. Enter zero if applicable.) Problem 5-66 Part-a a. Thelma gave Bart an auto worth $23,200. Thelma purchased the auto three years ago for $18,000. Amount to be included b. Thelma elects...
Required information Problem 8.70 (LO 8-4) The following information applies to the questions displayed bel...
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Required information [The following information applies to the questions displayed below.) Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $22,000 per year. All property was divided equally. a. How much should Shirley include in income if Lonny's payments are made in cash but will cease if Shirley dies or remarries? Amount to be included
13 Required information Problem 5-71 (LO 5-3) [The following information applies to the questions displayed below.] This year, Leron and Sheena sold their home for $609,500 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and Sheena? (Leave no answer blank. Enter zero if applicable.) 02:10:47 eBook Problem 5-71 Part-a eferences a. Leron and Sheena bought the home three years ago for $105,000 and lived in the home until it...
Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 2 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $ (65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print...
00 Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 1 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $(65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print...
Saved HW - Chapter 5 6 Help Save & Exit Submit Check my work Part 1 of 4 Required information Problem 5-66 (LO 5-3) [The following information applies to the questions displayed below.] 6.25 points Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart's gross income. (Leave no answer blank. Enter zero if applicable.) (8 02:12:00 eBook Problem 5-66 Part-a a....
Please answer both 5
AND 6
Check my work Part 1 of 2 Required information Problem 6-30 (LO 6-1) [The following information applies to the questions displayed below.) points This year Jack intends to file a married-joint return. Jack received $179,600 of salary, and paid $8,150 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $9,000 and $29,400 of alimony to his ex-wife, Diane, who...
Required information Problem 5-51 (LO 5-2) [The following information applies to the questions displayed below.] Anne purchased an annuity from an insurance company that promised to pay her $25,000 per year for the next 10 years. Anne paid $182,500 for the annuity, and in exchange she will receive $250,000 over the term of the annuity. Problem 5-51 Part-a a. How much of the first $25,000 payment should Anne include in gross income? (Do not round intermediate calculations.) Amount to be...
Help me correct answers. Show explanation
Required information Problem 6-54 (LO 6-3) (Static) [The following information applies to the questions displayed below.] Jackson is 18 years old and has a dog-sitting business. Calculate the 2020 standard deduction Jackson will claim under the following independent circumstances. Problem 6-54 Part-a (Static) Jackson reported $2,000 of earnings from his dog sitting and $300 in interest income from his savings account. Jackson's parents claim him as a dependent. Standard deduction $ 2,350 Required information...
Required information Problem 5-66 (LO 5-3) (The following information applies to the questions displayed below.] Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart's gross income. (Leave no answer blank. Enter zero if applicable.) Problem 5-66 Part-a a. Thelma gave Bart an auto worth $23,200. Thelma purchased the auto three years ago for $18,000. Amount to be included b. Thelma elects...
Required information Problem 8.70 (LO 8-4) The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17. at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8 Problem 8-70 Part-a a. His AGI is $101.000. Amount of child tax credit Required information Problem 8-70 (LO 8-4) The following...
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