Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 4, Problem 23CE
LO.3 Simba and Zola are married but file separate returns. Simba received $80,000 of salary and $1,200 of taxable dividends on stock he purchased in his name and paid from the salary he earned since the marriage. Zola collected $900 in taxable interest on a certificate of deposit she inherited from her aunt. Compute Zola’s gross income under two assumptions as to the state of residency of the couple. If an amount is zero, enter “$0.”
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Simba and Zola are married but file separate returns. Simba received $22,000 of salary and $28,100 of taxable dividends on stock he purchased in his name and paid from the salary that he earned since the marriage. Zola collected $1,600 in taxable interest on certificate of deposit that she inherited from her aunt.
Compute Zola’s gross income under two assumptions as to the state of residency of the couple.
If an amount is zero, enter "$0".
Idaho (Community Property State)
South Carolina (Common Law State)
Dividends
$
$
Interest
$
$
Salary
$
$
9. Ivanka and Jared are divorced in the current year. As part of the divorce settlement,
Ivanka transfers a plot of land in Long Island, NY to Jared. Ivanka's basis in the
property was $20,000 and the market value of the property was $250,000 when
transferred. Jared holds the property through the end of the year and in hopes of
building a residence on it. How much income do Ivanka and Jared recognize in the
current year?
a. $0 for Ivanka and $20,000 for Jared
b. $230,000 for Ivanka and $20,000 for Jared
c. $230,000 for Ivanka and $0 for Jared
d. $0 for both Ivanka and Jared
e. $0 for Ivanka and $250,000 for Jared
Need help on A and B
Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $70,300. Meg works part-time at the same university. She earns $33,600 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) (Round your final answers to the nearest whole dollar amount.)
a. What is the Comers’ tax liability for 2021 if they report the following capital gains and losses for the year?
Short-term capital gains
$ 14,000
Short-term capital losses
(7,000)
Long-term capital gains
20,000
Long-term capital losses
(11,000)
Total Tax Liability =
b. What is the Comers’ tax liability for 2021 if they report the following capital gains and losses for the year?
Short-term capital gains
$…
Chapter 4 Solutions
Individual Income Taxes
Ch. 4 - According to the Supreme Court, would it be good...Ch. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Ben lost his job when his employer moved its...Ch. 4 - Howard buys wrecked cars and stores them on his...Ch. 4 - On December 29, 2019, an employee received a 5,000...Ch. 4 - Prob. 7DQCh. 4 - A Series EE U.S. government savings bond accrues...Ch. 4 - The taxpayer performs services with payment due...Ch. 4 - Wade paid 7,000 for an automobile that needed...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - A divorce agreement entered into in 2017 requires...Ch. 4 - Prob. 14DQCh. 4 - Patrick and Eva are planning to divorce in 2019....Ch. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - On January 1, 2019, Kunto, a cash basis taxpayer,...Ch. 4 - Bigham Corporation, an accrual basis calendar year...Ch. 4 - LO.3 Simba and Zola are married but file separate...Ch. 4 - Casper and Cecile divorced in 2018. As part of the...Ch. 4 - LO.4 Elizabeth made the following interest-free...Ch. 4 - Prob. 26CECh. 4 - Prob. 27CECh. 4 - Prob. 28PCh. 4 - Prob. 29PCh. 4 - Determine the taxpayers gross income for tax...Ch. 4 - Prob. 31PCh. 4 - Prob. 32PCh. 4 - Prob. 33PCh. 4 - Your client is a partnership, ARP Associates,...Ch. 4 - Trip Garage, Inc. (459 Ellis Avenue, Harrisburg,...Ch. 4 - Prob. 36PCh. 4 - Marlene, a cash basis taxpayer, invests in Series...Ch. 4 - Drake Appliance Company, an accrual basis...Ch. 4 - Freda is a cash basis taxpayer. In 2019, she...Ch. 4 - Prob. 40PCh. 4 - Prob. 41PCh. 4 - Troy, a cash basis taxpayer, is employed by Eagle...Ch. 4 - Prob. 43PCh. 4 - Prob. 44PCh. 4 - Prob. 45PCh. 4 - Nell and Kirby are in the process of negotiating...Ch. 4 - Alicia and Rafel are in the process of negotiating...Ch. 4 - Prob. 48PCh. 4 - Prob. 49PCh. 4 - Prob. 50PCh. 4 - Prob. 51PCh. 4 - Prob. 52PCh. 4 - For each of the following, determine the amount...Ch. 4 - Prob. 54PCh. 4 - Prob. 55PCh. 4 - Linda and Don are married and file a joint return....Ch. 4 - Charles E. Bennett, age 64, will retire next year...Ch. 4 - Donna does not think she has an income tax problem...Ch. 4 - Prob. 1RPCh. 4 - Prob. 2RPCh. 4 - Prob. 3RPCh. 4 - Prob. 1CPACh. 4 - Fred and Wilma were divorced in year 1 (before...Ch. 4 - Bill and Jane Jones were divorced on January 1,...Ch. 4 - Jake pays the following amounts to his former...Ch. 4 - Mary purchased an annuity that pays her 500 per...
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