Concept explainers
a.
Identify and comment on the availability of head-of-household filing status for the year 2019 for situation A.
b.
Identify and comment on the availability of head-of-household filing status for the year 2019 for situation B.
c.
Identify and comment on the availability of head-of-household filing status for the year 2019 for situation C.
d.
Identify and comment on the availability of head-of-household filing status for the year 2019 for situation D.
e.
Identify and comment on the availability of head-of-household filing status for the year 2019 for situation E.
f.
Identify and comment on the availability of head-of-household filing status for the year 2019 for situation F.
g.
Identify and comment on the availability of head-of-household filing status for the year 2019 for situation G.
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Individual Income Taxes
- Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays 8,400 rent on April 1, 2019, for the 12 months ending March 31, 2020. a. How much is Shannas deduction for rent expense in 2019? b. Assume the same facts, except that the 8,400 is for 24 months rent ending March 31, 2021. How much is Shannas deduction for rent expense in 2019?arrow_forwardWhich of the following is not a deduction for AGI? a. Alimony paid for a divorce finalized in 2018. b. Business rent on a self-employed business. c. Property taxes paid on your primary residence. d. One half of self-employment tax.arrow_forwardWhich of the following would preclude a taxpayer from deducting student loan interest expense? a. The total amount paid is 1,000. b. The taxpayer is single with AGI of 55,000. c. The taxpayer is married filing jointly with AGI of 120,000. d. The taxpayer is taken as a dependent of another taxpayer.arrow_forward
- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT