The EEL Partnership earned ordinary income of $225,000 in 2014. The partnership has three equal partners, Ethan, Eric, and Logan. Logan, who is single, uses the standard deduction, and has other...
The EEL Partnership earned ordinary income of $225,000 in 2014. The partnership has three equal partners, Ethan, Eric, and Logan. Logan, who is single, uses the standard deduction, and has other income of $19,000 (not connected with the partnership) in 2014. He receives a $28,000 distribution from the partnership during the year. What is Logan's taxable income in 2014?
|
Adjusted gross income (AGI) |
||
|
Minus: |
Deductions from AGI: |
|
|
Logan's taxable income |
||
Homework Answers
|
Allocable share of EEL Partnership income (225000*1/3) |
75000 |
|
|
Other income |
19000 |
|
|
Adjusted Gross income (AGI) |
94000 |
|
|
Minus: Deductions from AGI |
||
|
Standard deduction |
6200 |
|
|
Personal exemption |
3950 |
10150 |
|
Taxable income |
83850 |
Add Answer to:
The EEL Partnership earned ordinary income of $225,000 in 2014. The partnership has three equal partners, Ethan, Eric, and Logan. Logan, who is single, uses the standard deduction, and has other...
The CAT Partnership earned ordinary income of $210,000 in 2014. The partnership has three equal partners, Carl, Allen, and Tom. Tom, who is single, uses the standard deduction, and has other inc...
The CAT Partnership earned ordinary income of $210,000 in 2014. The partnership has three equal partners, Carl, Allen, and Tom. Tom, who is single, uses the standard deduction, and has other income of $13,000 (not connected with the partnership) in 2014. He receives a $35,000 distribution from the partnership during the year. What is Tom's taxable income in 2014? Adjusted gross income (AGI) Minus: Deductions from AGI: Tom's taxable income
The KER Partnership earned ordinary income of $195,000 in 2018. The partnership has three equal partners,...
The KER Partnership earned ordinary income of $195,000 in 2018. The partnership has three equal partners, Kevin, Eli, and Robert. Robert, who is single, uses the standard deduction, and has other income of $13,000 (not connected with the partnership) in 2018. He receives a $28,000 distribution from the partnership during the year. What is Robert's taxable income in 2018? (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero....
Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare the Wilson’s joint 2014 tax return. He can claim three personal exemptions (including...
Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare the Wilson’s joint 2014 tax return. He can claim three personal exemptions (including himself). So far, he’s been able to determine the following with regard to income and possible deductions: Total unreimbursed medical expenses incurred $1,160 Gross wages and commissions earned 50,770 IRA contribution 5,000 Mortgage interest paid 5,100 Capital gains realized on assets held less than 12 months...
Jeremy earned $101,300 in salary and $7,300 in interest income during the year. Jeremy’s employer withheld $11,200 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one quali...
Jeremy earned $101,300 in salary and $7,300 in interest income during the year. Jeremy’s employer withheld $11,200 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $28,700 in itemized deductions. (Use the tax rate schedules.) Determine Jeremy’s tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5)...
Question 1 Kylie is single and has taxable income of $320,000 of which $130,000 is attributable...
Question 1 Kylie is single and has taxable income of $320,000 of which $130,000 is attributable to her consulting sole proprietorship. She paid W-2 wages to her employees of $75,000. If the threshold amount for 2018 is $157,500, what is Kylie’s qualified business income deduction? Question 1 options: 1) $0 2) $11,000 3) $26,000 4) $32,500 Question 2 Sabrina is single and has taxable income of $195,700, of which $140,000 is attributable to her consulting sole proprietorship. She paid W-2...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70,050 6. Margaret and her sister support their mother and together provide 85 percent of their mother’s support. If Margaret provides 40% of her mother’s support: a. Her sister is the only one who can claim their...
Sherry Moore, who is single, has a limited partnership investment in a commercial rental project in...
Sherry Moore, who is single, has a limited partnership investment in a commercial rental project in which she has no personal involvement. During 2018, her share of the partnership loss equals $15,000. Sherry also has a rental house that she actively manages, and this activity generated a $21,000 loss for 2018. Sherry had no passive loss carryover from prior years. If Sherry's modified adjusted gross income before passive losses is $102,000, calculate the deduction amounts for Sherry's 2018 tax return...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
The KER Partnership earned ordinary income of $195,000 in 2018. The partnership has three equal partners, Kevin, Eli, and Robert. Robert, who is single, uses the standard deduction, and has other income of $13,000 (not connected with the partnership) in 2018. He receives a $28,000 distribution from the partnership during the year. What is Robert's taxable income in 2018? (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero....
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
Most questions answered within 3 hours.
-
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 50 minutes ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 54 minutes ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 1 hour ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 1 hour ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 2 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 2 hours ago -
A three-year maturity bond with a 12% annual coupon rate is
currently traded at par $1000...
asked 2 hours ago -
1.
What is the minimum volume to use in the Spec 20 cuvette in order
to...
asked 3 hours ago -
A builder wants to install wall-to-wall carpeting in a living
room of length 8.87 m and...
asked 3 hours ago -
Organizational change can produce anxiety in those affected by
the change. In what ways can change...
asked 3 hours ago -
Ozone in the atmosphere may react with nitric oxide.
From the following data, calculate the DG...
asked 3 hours ago -
Steven Long, a bond analyst, is analyzing a convertible bond.
The characteristics of the bond are...
asked 3 hours ago