on jan 1 z made a gift of 30% interest of aaa to his daughter d...
on jan 1 z made a gift of 30% interest of aaa to his daughter d the partnership business is auto repair capital was not a material income factor d did not work any z retain 20% and Mr g the other partner perform all the work a reasonable salary for z was 60000 and g 20000 which was guarnteed payments taxable income was 160000 before guaranteed payments how much income should z include in his return for this year
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QUESTION 1 Partner D was given (by his mother) his 20% interest in a business in...
QUESTION 1 Partner D was given (by his mother) his 20% interest in a business in which capital is not a material income- producing factor, resulting in a partnership in which D and his mother are the only partners. The partnership agreement states that D will get a distributive share of 20% of the partnership income, but his mother has capital of $360,000 in the partnership, and D's capital (given to him by his mother) was $40,000. The income of...
1. Wanda is a single parent (divorced). She has a 5-year-old daughter. She receives the following...
1. Wanda is a single parent (divorced). She has a 5-year-old daughter. She receives the following items of income during the year: • Wages - $33,000 • Child support – 9,600 • Workers compensation - $14,000 • Commissions - $8,000 • Interest - $300 • Gift from her grandfather - $10,000 What is the amount of income Wanda will need to report on her tax return for the year? Select one: a. $33,000 b. $51,300 c. $50,900 d. $41,300...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
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...
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...
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
QUESTION 1 Partner D was given (by his mother) his 20% interest in a business in which capital is not a material income- producing factor, resulting in a partnership in which D and his mother are the only partners. The partnership agreement states that D will get a distributive share of 20% of the partnership income, but his mother has capital of $360,000 in the partnership, and D's capital (given to him by his mother) was $40,000. The income of...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
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