Homework Answers
1. As per Section 461 of IRC, states the ability of individuals, estates and trusts, to deduct trade Or business losses only upto $250,000. For married individuals filing jointly this limit extends to $500,000.
According to this, correct answer is, Lance, a single individual, who is a 50 percent partner in QT Partnership. This year QT incurred a business loss of $400,000. Of which only $200,000 pertains to Lance which is well within the limit.
2. A painting held by an artist is an Ordinary Asset, i.e. Current Asset, because the Artist is in the business of making painting and then selling the same, and not for the purpose of holding with themselves.
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Which of the following taxpayers is subject to the excess business loss limitation? Holly, who is...
Which of the following taxpayers will NOT qualify for the QBI deduction due to ordinary business...
Which of the following taxpayers will NOT qualify for the QBI deduction due to ordinary business income? a) Kat, a limited partner in XYZ Partnership. She did not materially participate in the partnership. b) Jill, a shareholder in JK Corporation, an S corporation. Jill worked full time for the S corporation as an employee as well as being a stock owner. c) Cynthia, a shareholder of CDE Corporation, a C corporation. Cynthia did not work for the C corporation. d)...
13. Yasmine and her spouse Carlos, who file married filing jointly, provide all the support for...
13. Yasmine and her spouse Carlos, who file married filing jointly, provide all the support for their 17-year-old son Miguel Miguel qualities as a qualifying child under the The Individual lecame lox Return Chepter LO 1.6 dependent rules Yamine and Carlos will be able to claim (b) $500 E $1,000 d. $2.000 e. $2.500 LO 1 74. Robin and Howie file married filing jointly and have a 13-year-old daughter. They also peovide all the support for Howie's 82-vear-old mother, who...
Karen has a net operating loss in 2019. What is the earliest year to which Karen...
Karen has a net operating loss in 2019. What is the earliest year to which Karen can carryback or carry forward the net operating loss? х a. 2018 b. 2017 c. 2021 d. 2020 e. 2016 Which of the following is not true about capital assets? a. Individual taxpayers may deduct net capital losses of up to $3,000 per year. b. Capital losses may be carried back for 3 years to offset capital gains in those years. C. Net long-term...
James and Edna Smith are a childless married couple who lived apart for all of 2016....
James and Edna Smith are a childless married couple who lived apart for all of 2016. On December 31, 2016, they were legally separated under a decree of separate maintenance. Which of the following is the only filing status choice available to them for 2016? 1) Married filing joint return. 2) Married filing separate return. 3) Head of household. 4) Single. Question 2 Percy Peterson received a grant from the Department of Education for a special research project on education....
Question 9 of 75. Which of the following is true of spouses who have made the...
Question 9 of 75. Which of the following is true of spouses who have made the election to operate as a qualified joint venture? O They must use the MFS fling status. O They may combine their income on a joint Schedule C. O Each files their own Schedule C and their own Schedule SE O They may jointly deduct the expenses of the business. I Mark for follow up Question 10 of 75. Larry uses an accrual method of...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370 and paid tax of $12,202. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2019. They expect their 2019 tax liability will be $8,015, which will be the approximate amount of their withholding. Joan anticipates...
I need help with the following questions: 1)2)3) 4) 5) 6) 7) Martha has a net...
I need help with the following questions:
1)2)3)
4)
5)
6)
7)
Martha has a net capital loss of $20,000 and other ordinary taxable income of $45,000 for the current tax year. What is the amount of Martha's taxable income after deducting the allowed capital loss? a. $38,000 b. $25,000 c. $42,000 d. $45,000 х e. None of these choices are correct. Toni and Beyonze are married and file jointly. During 2018, they paid tuition for their daughter's college in...
Problem 2-45 (LO 2-6) Charles and Joan Thompson file a joint return. In 2018, they had...
Problem 2-45 (LO 2-6) Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $107.440 and paid tax of $15,516. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $88.000 in 2019. They expect their 2019 tax liability will be $11,083, which will be the approximate amount of...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
John and Jane Doe are married retired taxpayers who care for their three-year-old grandson. The following...
John and Jane Doe are married retired taxpayers who care for
their three-year-old grandson. The following information was
provided to you as documentation necessary to prepare their 2017
tax return. You will gather the appropriate information and
complete the forms provided in Blackboard (1040, Schedule A,
Schedule B and Schedule D) in preparation of their tax file. Please
note that the forms provided may not match the tax year of the
course, as IRS forms are not available until just...
13. Yasmine and her spouse Carlos, who file married filing jointly, provide all the support for their 17-year-old son Miguel Miguel qualities as a qualifying child under the The Individual lecame lox Return Chepter LO 1.6 dependent rules Yamine and Carlos will be able to claim (b) $500 E $1,000 d. $2.000 e. $2.500 LO 1 74. Robin and Howie file married filing jointly and have a 13-year-old daughter. They also peovide all the support for Howie's 82-vear-old mother, who...
Karen has a net operating loss in 2019. What is the earliest year to which Karen can carryback or carry forward the net operating loss? х a. 2018 b. 2017 c. 2021 d. 2020 e. 2016 Which of the following is not true about capital assets? a. Individual taxpayers may deduct net capital losses of up to $3,000 per year. b. Capital losses may be carried back for 3 years to offset capital gains in those years. C. Net long-term...
Question 9 of 75. Which of the following is true of spouses who have made the election to operate as a qualified joint venture? O They must use the MFS fling status. O They may combine their income on a joint Schedule C. O Each files their own Schedule C and their own Schedule SE O They may jointly deduct the expenses of the business. I Mark for follow up Question 10 of 75. Larry uses an accrual method of...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370 and paid tax of $12,202. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2019. They expect their 2019 tax liability will be $8,015, which will be the approximate amount of their withholding. Joan anticipates...
I need help with the following questions:
1)2)3)
4)
5)
6)
7)
Martha has a net capital loss of $20,000 and other ordinary taxable income of $45,000 for the current tax year. What is the amount of Martha's taxable income after deducting the allowed capital loss? a. $38,000 b. $25,000 c. $42,000 d. $45,000 х e. None of these choices are correct. Toni and Beyonze are married and file jointly. During 2018, they paid tuition for their daughter's college in...
Problem 2-45 (LO 2-6) Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $107.440 and paid tax of $15,516. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $88.000 in 2019. They expect their 2019 tax liability will be $11,083, which will be the approximate amount of...
John and Jane Doe are married retired taxpayers who care for
their three-year-old grandson. The following information was
provided to you as documentation necessary to prepare their 2017
tax return. You will gather the appropriate information and
complete the forms provided in Blackboard (1040, Schedule A,
Schedule B and Schedule D) in preparation of their tax file. Please
note that the forms provided may not match the tax year of the
course, as IRS forms are not available until just...
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