Homework Answers
answer given below
| Particulars | FOR AGI deduction | FROM AGI DEDUCTION | TAXABLE/ non deductible | EXPLANATION |
| Loss on sale of stock of individual wholly owned business corporation | $4000 | Business losses are deductible as per TCJA Rules and iRS , its allowed in case of individual upto $250000 | ||
| Hobby loss | $3000 | Its not deductable as per pub 17 of IRs and pub rules 529 | ||
| Gambling losses in excess of gambling winning | $8000 | gambling losses are allowed as deduction upto the amount of gambling winning so we cannot claim gambling losses as itemized deduction | ||
| Loss of stock in individual investment portfolio | $3000 | from $ 9000 the limit of setting of capital losses is $3000 if we are not having any capital gain , the rest will be carried forward | ||
| decline in value of stock | unrealized losses due to decline in value are not allowed as deduction as per federal tax rules | |||
| Loss on sale of personal automobile | Loss on sale of personal automobile are not allowed as per federal tax rules and 544 publication of irs which says capital loss cannot be setoff from taxable income |
From AGI deduction we only deduct itemized deduction or standard deduction which ever is more beneficail to tax payer
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- 26. Are any of the following losses deductible on an individual's income tax return? If...
26. 27. 28 it doesnt let me eddit the questins. I need 27 and 28 if...
26. 27. 28
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doesnt let me eddit the questins. I need 27 and 28 if you can, but
27 is my priority
26. Are any of the following losses deductible an individual's income tax return? If so, ish loss deductible "for" or "from" AGI? Explain cach loss. Amount 3.000 Loss Loss on sale of stock in an individual's wholly-owned business corporation Hobby loss in excess of hobby gross income Gambling losses in excess of gambling winnings Loss on sale...
Question 6: i) Generally, deductions FOR adjusted gross income on an individual's tax return include all...
Question 6: i) Generally, deductions FOR adjusted gross income on an individual's tax return include all the following types of expenses except those: A) incurred in gambling activities. B) incurred in a trade or business. C) incurred in the production of rent income. D) incurred in the production of royalty income. ii) In 2019, Sean, who is single and age 44, received $55,000 of gross income and had $5,000 of deductions for AGI and $12,600 of itemized deductions. Sean's taxable...
Problem 6-34 (Algorithmic) (LO. 1)Daniel, age 38, is single and has the following income and...
Problem 6-34 (Algorithmic) (LO. 1)Daniel, age 38, is single and has the following income and expenses in 2018:Salary income$105,000Net rent income4,500Dividend income2,500Payment of alimony in accordance with the separation agreement which was signed in 20188,000Mortgage interest on residence8,300Property tax on residence1,400Contribution to traditional IRA (assume the amount is fully deductible)3,000Contribution to United Church1,900Loss on the sale of real estate (held for investment)1,825Medical expenses3,550State income tax1,650Federal income tax6,500a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
During 2019, Dana had the following gains and losses. Calculate her 2019 total income tax liability for these items if her tax bracket is 37% LT gain from sale on personal use boat: $5,000 LT gain fro...
During 2019, Dana had the following gains and losses. Calculate her 2019 total income tax liability for these items if her tax bracket is 37% LT gain from sale on personal use boat: $5,000 LT gain from sale of old jewlery: 300 LT loss from sale of MCM Corp stock: 1,000 LT loss from sale of personal use auto:: 400 ST loss from sale of Swan Co. Stock: 500 ST gain from sale of green co stock: 3,000
Megalopolis Bank has the following balance sheet and income statement. For Megalopolis, calculate: Return on...
Megalopolis Bank has the following balance sheet and income
statement.
For Megalopolis, calculate:
Return on equity
Return on assets
Asset utilization
Equity multiplier
Profit margin
Interest expense ratio
Provision for loan loss ratio
Noninterest expense ratio
Tax ratio
Balance Sheet (in millions) Assets Liabilities and Equity Cash and due Demand from banks $ 9,000 deposits $ 19,000 Investment securities 23,000 NOW accounts 89,000 Repurchase agreements 42,000 Retail CDs 28,000 Loans 90,000 Debentures 19,000 Fixed assets 15,000 Total liabilities $155,000...
Sarah sold the below property during 2019. None of the property was sold to a related...
Sarah sold the below property during 2019. None of the property was sold to a related party or in a wash sale. Apart from any capital gains or losses, Sarah's only other taxable income in 2019 is $10,000, all of which is from wages (ordinary income). Property Adjusted Basis Amount Realized Sale of personal-use car held 2 years $18,000 $12,000 Stock F held for 6 months $5,000 $3,000 Stock G held for 3 months $6,000 $3,000 Stock H held for...
Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Intermediate Accounting Bus 203 INVESTMENTS REVIEW 1. Which of the following gains and losses on Held-to-maturity...
Intermediate Accounting Bus 203 INVESTMENTS REVIEW 1. Which of the following gains and losses on Held-to-maturity (debt) securities should be included in income? a) Only unrealized gains and realized losses. b) All unrealized losses and unrealized gains. c) Only realized gains and realized losses. d) All gains and unrealized losses. 2. What would be the accounting treatment for a company's Investment in Stock portfolio if on December 31, 2019. the cost of the portfolio was $500,000 and the market value...
Reed Corporation, an accrual basis taxpayer, reports the following results for the current year: Income: $...
Reed Corporation, an accrual basis taxpayer, reports the
following results for the current year:
Income: $ 290,000 16,000 5,000 9,000 140,000 4,000 Gross profit from manufacturing operations Dividends received from 25%-owned domestic corporation Interest income: Corporate bonds Municipal bonds Proceeds from life insurance policy on key employee Section 1231 gain on sale of land Expenses: Administrative expenses Bad debts Depreciation: 100,000 7,000 70,000 82,000 34,000 46,000 13,000 4,000 2,000 34,100 300 Financial accounting Taxable income Alternative depreciation system (for E...
26. 27. 28
it
doesnt let me eddit the questins. I need 27 and 28 if you can, but
27 is my priority
26. Are any of the following losses deductible an individual's income tax return? If so, ish loss deductible "for" or "from" AGI? Explain cach loss. Amount 3.000 Loss Loss on sale of stock in an individual's wholly-owned business corporation Hobby loss in excess of hobby gross income Gambling losses in excess of gambling winnings Loss on sale...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
Megalopolis Bank has the following balance sheet and income
statement.
For Megalopolis, calculate:
Return on equity
Return on assets
Asset utilization
Equity multiplier
Profit margin
Interest expense ratio
Provision for loan loss ratio
Noninterest expense ratio
Tax ratio
Balance Sheet (in millions) Assets Liabilities and Equity Cash and due Demand from banks $ 9,000 deposits $ 19,000 Investment securities 23,000 NOW accounts 89,000 Repurchase agreements 42,000 Retail CDs 28,000 Loans 90,000 Debentures 19,000 Fixed assets 15,000 Total liabilities $155,000...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Intermediate Accounting Bus 203 INVESTMENTS REVIEW 1. Which of the following gains and losses on Held-to-maturity (debt) securities should be included in income? a) Only unrealized gains and realized losses. b) All unrealized losses and unrealized gains. c) Only realized gains and realized losses. d) All gains and unrealized losses. 2. What would be the accounting treatment for a company's Investment in Stock portfolio if on December 31, 2019. the cost of the portfolio was $500,000 and the market value...
Reed Corporation, an accrual basis taxpayer, reports the
following results for the current year:
Income: $ 290,000 16,000 5,000 9,000 140,000 4,000 Gross profit from manufacturing operations Dividends received from 25%-owned domestic corporation Interest income: Corporate bonds Municipal bonds Proceeds from life insurance policy on key employee Section 1231 gain on sale of land Expenses: Administrative expenses Bad debts Depreciation: 100,000 7,000 70,000 82,000 34,000 46,000 13,000 4,000 2,000 34,100 300 Financial accounting Taxable income Alternative depreciation system (for E...
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