Problem 4-44 (LO. 3) Liz and Doug were divorced on December 31, 2020, after 10 years of marriage. Their current year's income received before the divorce was as follows: Doug's salary $41,000 Liz's salary 55,000 Rent on apartments purchased by Liz 15 years ago 8,000 Dividends on stock Doug inherited from his mother 4 years ago 1,900 Interest on a savings account in Liz's name funded with her salary 2,400 Allocate the income to Liz and Doug assuming that they live in: a. California. Doug: $ Liz: $ b. Texas. Doug: $ Liz: $

Problem 4-44 (LO. 3) Liz and Doug were divorced on December 31, 2020, after 10 years of marriage. Their current year's income received before the divorce was as follows: Doug's salary $41,000 Liz's salary 55,000 Rent on apartments purchased by Liz 15 years ago 8,000 Dividends on stock Doug inherited from his mother 4 years ago 1,900 Interest on a savings account in Liz's name funded with her salary 2,400 Allocate the income to Liz and Doug assuming that they live in: a. California. Doug: $ Liz: $ b. Texas. Doug: $ Liz: $

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 4BCRQ

See similar textbooks

Similar questions

LO2 Fatima inherits a rental property with a fair market value of 90,000 from her aunt on April 30. On May 15, the executor of the estate sends her a check for 7,000. A letter accompanying the check states that the 7,000 comes from the rent received on the property since her aunts death. Fatima receives 6,600 in rent on the property during the remainder of the year and pays allow able expenses of 4,200 on the property. How much gross income does Fatima have from these transactions?
Harry's wife Lila passes away in January of the current year. Fortunately, Lila had a $1 million life insurance policy. Harry elects to receive all $1 million in the current year and spends $200,000 of it on a luxury around-the-world trip with his new girlfriend. Harry's gross income from the life insurance is: $0 $200,000 $800,000 $1,000,000
Fred and Wilma were divorced in year 1 (before 2019). Fred is required to pay Wilma 12,000 of alimony each year until their child turns 18. At that time, the payment will be reduced to 10,000 per year. In year 3, in accordance with the divorce agreement, Fred paid 6,000 directly to Wilma and 6,000 directly to the law school Wilma is attending. What amount of the payments received in year 3 is income to Wilma? a. 6,000 b. 10,000 c. 12,000 d. 0
Problem 4-44 (a) (LO. 3) Anna-Catherine and Anthony were divorced on March 15, 2020, after four years of marriage. Their current year's income received before the divorce was as follows: Anthony's salary $88,000 Anna-Catherine's salary 92,000 Rent a business office purchased by Anna-Catherine six years ago 120,000 Interest on CD Anthony inherited from his uncle two years ago 630 Dividends on stock in Anna-Catherine's name funded with her salary 4,100 Allocate the income to Anna-Catherine and Anthony assuming that they live in: a. California. Anthony: Anna-Catherine: b. Louisiana. Anthony: $ Anna-Catherine:
LO.3 Liz and Doug were divorced on December 31, 2020, after 10 years of marriage. Their current year’s income received before the divorce was as follows: Doug’s salary $41,000 Liz’s salary 55,000 Rent on apartments purchased by Liz 15 years ago 8,000 Dividends on stock Doug inherited from his mother 4 years ago 1,900 Interest on a savings account in Liz’s name funded with her salary 2,400 Allocate the income to Liz and Doug assuming that they live in: California. Texas.
Anna-Catherine and Anthony were divorced on March 15, 2020, after four years of marriage. Their current year's income received before the divorce was as follows: Anthony's salary $88,000 Anna-Catherine's salary 92,000 Rent a business office purchased by Anna-Catherine six years ago 120,000 Interest on CD Anthony inherited from his uncle two years ago 630 Dividends on stock in Anna-Catherine's name funded with her salary 4,100 Allocate the income to Anna-Catherine and Anthony assuming that they live in: a. California.Anthony: $ Anna-Catherine: $ b. Louisiana.Anthony: $ Anna-Catherine: $
Interview Notes • Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for the entire year. Her only income for 2023 was $48,000 in W-2 wages. . . Abigail, age 24, and her daughter Andrea, age 4, moved in with Abigail's mother, Carmen, after she separated from her spouse in April of 2021. Abigail's only income for 2023 was $25,000 in wages. Abigail provided over half of her own support. Andrea did not provide more than half of her own support. Abigail will not file a joint return with her spouse. • All individuals in the household are U.S. citizens with valid Social Security numbers. No one has a disability. They lived in the United States all year. Advanced Scenario 4: Test Questions 9. For the purpose of determining dependency, Andrea could be the qualifying child of a. Only Carmen b. Only Abigail c. Either Carmen or Abigail d. Neither Carmen nor Abigail 10. Abigail is eligible to claim Andrea for the earned income credit. a. True b. False
rds 1. LO.3 Liz and Doug were divorced on December 31, 2020, after 10 years of marriage. Their current year's income received before the divorce was as follows: Doug's salary Liz's salary Rent on apartments purchased by Liz 15 years ago Dividends on stock Doug inherited from his mother 4 years ago Interest on a savings account in Liz's name funded with her salary Allocate the income to Liz and Doug assuming that they live in: a. California. b. Texas. B Text Predictions: On Accessibility: Investigate $41,000 55,000 8,000 1,900 2,400
Interview Notes • Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for the entire year. Her only income for 2023 was $48,000 in W-2 wages. • Abigail, age 24, and her daughter Andrea, age 4, moved in with Abigail 's mother, Carmen, after she separated from her spouse in April of 2021. Abigail 's only income for 2023 was $25,000 in wages. Abigail provided over half of her own support. Andrea did not provide more than half of her own support. • Abigail will not file a joint return with her spouse. • All individuals in the household are U.S. citizens with valid Social Security numbers. No one has a disability. They lived in the United States all year. 9. Either Carmen or Abigail can claim Andrea as a dependent. a. True b. False submitted
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
Question 7. Mario, who is single and elects to itemize, rents his mountain house for 210 days and uses it for personal use for 25 days during the year, not a leap year. Income and expenses associated with the property are: Rental income Mortgage interest payments Property tax payments Depreciation Utility payments Maintenance payments $ 24,000 12,000 8,000 7,000 5,000 4,000 If Mario is allowed a choice, Mario would choose to use the court approach to allocating mortgage interest and property taxes. Determine the amount of expense that Mario would deduct from AGI on his current year tax return associated with the mountain house. a) $32,493 b) $8,493 c) $851 d) $24,000 e) $2,128
Irma and Darrell were divorced on November 1, 2019, after 22 years of marriage. Their current year's income received before the divorce was as follows: Darrell's salary $78,000 Irma's salary 90,000 Rent on rental units purchased by Darrell 25 years ago 110,000 Dividends on stock Irma inherited from her grandfather 10 years ago 700 Interest on a savings account in Irma's name funded with her salary 320 Allocate the income to Irma and Darrell assuming that they live in: a. Washington Darrell: $ Irma: $ b. Wisconsin Darrell: $ Irma: $