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Accounting
Mike sells his home to Jane on April 2, 2016. Jane pays the property taxes covering the full calendar year in October, which amount to $2,500. How much may Mike and Jane each deduct for property
Laura is a single taxpayer living in New Jersey with adjusted gross income for the 2016 tax year of $35,550. Laura's employer withheld $3,300 in state income tax from her salary. In April of 2016,
Mary paid $2,000 of state income taxes in 2016. The total sales tax she paid during 2016 was $4,500, which included $3,000 for the cost of a new car. How should Mary treat the taxes paid on her 2016
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the
Martha has a 3-year-old child and pays $10,000 a year in day care costs. Her salary is $45,000. How much is her child and dependent care credit?
Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did not have minimum essential coverage for 9 months in 2016. Compute Susan's individual shared
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2016, Susan's income is $38,000 and Stan's is $12,000 and both are self-employed. They also have $500 in
Using the information in the previous question, assume that the Collins' Form 1095-A also indicated that the total advance payment of the premium tax credit was $9,200. Calculate the excess advance
Janie graduates from high school in 2016 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie's parents have AGI of $170,000, what is the American
Carl and Jenny adopt a Russian orphan. The adoption takes 2 years and two trips to Russia and is finalized in 2016. They pay $6,000 in 2015 and $7,500 in 2016 of qualified adoption expenses. In 2016,
Mike bought a solar electric pump to heat his pool at a cost of $2,500 in 2016. What is Mike's credit?
In 2016, Jeff spends $6,000 on solar panels to heat water for his main home. What is Jeff's credit for his 2016 purchases?
What are the two tax rates which are used to calculate AMT, ignoring the special treatment of dividends and capital gains?
Brian and Kim have a 12-year-old child, Stan. For 2016, Brian and Kim have taxable income of $52,000, and Stan has nonqualifying dividend income of $4,500 and investment expenses of $250. No election
Nikkie and Jean have two children, Richard (age 4) and Roberta (age 3). For purposes of the tax on a child's unearned income, Richard has net unearned income of $6,000 and Roberta has net unearned
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2016, Diane's wages are $17,700 and she receives dividend
Margaret and David Simmons are married and file a joint income tax return. They have two dependent children, Margo, 5 years old (Social Security number 316-31-4890), and Daniel, who was born during
Calculate the amount of the child and dependent care credit allowed for 2016 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. a. William and Carla
Calculate the following: a. The first year of depreciation on a residential rental building costing $200,000 purchased June 2, 2016. b. The second year of depreciation on a computer costing $1,500
During 2016, William purchases the following capital assets for use in his catering business:New passenger automobile (September 30) ...................... $21,500Baking equipment (June 30)
On February 2, 2016, Alexandra purchases a personal computer for her home. The computer cost $2,800. Alexandra uses the computer 80 percent of the time in her accounting business, and the remaining
On September 14, 2016, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $43,000, and Jay uses the
During 2016, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business:Palo uses the accelerated depreciation method under MACRS, if available, and does not
Tom has a successful business with $100,000 of taxable income before the election to expense in 2016. He purchases one new asset in 2016, a new machine which is 7-year MACRS property and costs
Deborah purchases a new $32,000 car in 2016 to use exclusively in her business. If Deborah does not elect to expense but does take bonus depreciation in 2016 and holds the car until it is fully
Derek purchases a small business from Art on July 1, 2016. He paid the following amounts for the business:Fixed assets ....................................... $220,000Goodwill
Amy is a calendar-year taxpayer reporting on the cash basis. Please indicate how she should treat the following items for 2016: a. She makes a deductible contribution to an IRA on April 15, 2017. b.
Mike purchases a heavy-duty truck (5-year class recovery property) for his delivery service on April 30, 2016. The truck is not considered a passenger automobile for purposes of the listed property
On May 8, 2016, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on
Martin sells a stock investment for $26,000 on August 2, 2016. Martin's adjusted basis in the stock is $15,000.a. If Martin acquired the stock on November 15, 2015, calculate the amount and the
William sold Section 1245 property for $25,000 in 2016. The property cost $37,000 when it was purchased 5 years ago. The depreciation claimed on the property was $17,000.a. Calculate the adjusted
Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2016, for $148,000. He lived in the house for 7 years. The expenses of the sale are $9,000, and he has made
On July 1, 2016, Ted, age 73 and single, sells his personal residence of the last 30 years for $368,000. Ted's basis in his residence is $42,000. The expenses associated with the sale of his home
You have a problem and need a printed copy of Code Section 1033. Go to the U.S. House of Representatives' website (www.house.gov) and search for the "United States Code." The Internal Revenue Code is
During 2016, Tom sold Sears stock for $10,000. The stock was purchased 4 years ago for $13,000. Tom also sold Ford Motor Company bonds for $35,000. The bonds were purchased 2 months ago for $30,000.
Charu Khanna received a Form 1099-B showing the following stock transactions and basis during 2016:None of the stock is qualified small business stock. The stock basis was reported to the IRS.
Jocasta owns an apartment complex that she purchased 6 years ago for $750,000. Jocasta has made $60,000 of capital improvements on the complex, and her depreciation claimed on the building to date is
Nadia Shalom has the following transactions during the year: Sale of office equipment on March 15 that cost $19,000 when purchased on July 1, 2014. Nadia has claimed $3,000 in depreciation and sells
Steve Drake sells a rental house on January 1, 2016, and receives $120,000 cash and a note for $45,000 at 10 percent interest. The purchaser also assumes the mortgage on the property of $35,000.
Elvin, a single taxpayer 45 years of age, sells his residence in 2016. He receives $35,000 in cash, and the buyer assumes his $100,000 mortgage. Elvin also pays $8,100 in commissions and transfer
In 2016, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000. a. Calculate the amount of Michael's deduction for
Philcon Corporation (P.O. Box 4563, Anchorage, AK 99508; EIN 12-3456789) paid Louise Chugach, an employee who lives at 5471 East Tudor Road, Anchorage, AK99508, wages of $124,554 in 2016. The income
Stewart Beauf is a self-employed surfboard maker in 2016. His Schedule C net income is $115,000 for the year. He also has a part-time job and earns $9,100 in wages subject to FICA taxes. Calculate
Sally hires a maid to work in her home for $260 per month. The maid is 25 years old and not related to Sally. During 2016, the maid worked 10 months for Sally. a. What is the amount of Social
Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $165 per week for 46 weeks during the current year. a. What is the employer's portion
Married taxpayers Otto and Ruth are both self-employed. Otto earns $352,000 of self-employment income and Ruth has a self-employment loss of $13,500. How much Medicare surtax for high-income
Sophie is a single taxpayer. For the first payroll period in October 2016, she is paid wages of $3,280.50 monthly. Sophie claims three allowances on her Form W-4. a. Use the percentage method to
Alice West (Social Security number 785-23-9873) lives at 13234 Madison Street, Milwaukee, WI 53214, and is self-employed for 2016. She estimates her required annual estimated tax payment for 2016 to
Jenny earns $44,500 in 2016. Calculate the FICA tax that must be paid by:
Yolanda earns $123,000 in 2016. Calculate the FICA tax that must be paid by:
Jan has two jobs during 2016. One employer withheld and paid Social Security taxes on $70,000 of Jan's salary, and the other employer withheld and paid Social Security taxes on $49,500 in salary paid
Quince Interests is a partnership with a tax year that ends on September 30, 2016. During that year, Potter, a partner, received $3,000 per month as a guaranteed payment, and his share of partnership
Van makes an investment in a partnership in 2016. Van's capital contributions to the partnership consisted of $30,000 cash and a building with an adjusted basis of $70,000, subject to a nonrecourse
Wilson has a 40 percent interest in the assets and income of the CC&W Partnership and the basis in his partnership interest is $45,000 at the beginning of 2016. During 2016, the partnership's net
Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda's basis in her stock is $25,000. On July 31, 2016, Bill sells his stock, with a basis of $40,000, to
Ulmus Corporation has $1,230,000 in taxable income for the current tax year. Calculate the corporation's income tax liability for the current tax year. $ _____________
Beech Corporation, an accrual basis taxpayer, was organized and began business on July 1 of the current calendar tax year. During the current year, the corporation incurred the following
Mallory Corporation has a calendar year-end. The corporation has paid estimated taxes of $10,000 during 2016 but still owes an additional $5,000 for its 2016 tax year. a. When is the 2016 tax return
Cedar Corporation has an S corporation election in effect. During the 2016 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2016, the corporation paid
In the 2016 tax year, Michelle paid the following amounts relating to her 2014 tax return:Tax deficiency .......................................................... $5,000Negligence penalty
Indicate the date that the statute of limitations would run out on each of the following individual tax returns: a. A fraudulent 2016 tax return that was filed April 15, 2017.
The BOP of Timbuktu showed the following entries for 1988: a capital account surplus of 50, a deficit in the services account of 15, and a trade deficit of 45. The change in the official reserves was
If the central bank sets an exchange rate that undervalues the foreign currency- and the flows of goods and capital adjust simultaneously-what will be the impact on the following:(a) RFX
Tumbikti, a country on the Atlantis continent, has a government deficit of 40 billion while private investment exceeds private savings by 10 billion. What is Tumbikti's current account balance if its
Antarctica uses a system of fixed exchange rates, its current account deficit is USD 6 billion, and its capital account balance is USD 4 billion.Based on this information, answer the following
Venizio had a government surplus of 15 billion in the year 1988. In addition, private after-tax savings exceeded private investment spending by 10 billion. What was the current account balance of
The data below is taken from the BOP of Switzerland. Based on this data, decide whether the following statement is true or false and explain your answer."From 1979 to 1982, foreigners have been net
A company in Philadelphia purchases machinery from a Canadian company for USD 150 and receives one-year trade credit. The machinery is transported to Philadelphia by a Canadian trucking company that
Suppose that you are an analyst for the Central Bank of Zanzibar. Decide how the BOP accounts are affected by the following.(a) A budget deficit financed by foreign borrowing(b) An import quota for
The following data are taken from the balance of payments of Freedonia (currency FDK):Is the following statement consistent with the data shown above? "After 1995, foreigners have issued
You have been hired by the IMF to design a program to improve the current account balance. How should your program influence the following variables (increase/decrease):(a) Taxes(b) Government
1. All else being equal, an increase in income in Greenland leads to:(a) An increase in consumption in Antarctica, and therefore an increase in imports, resulting in an appreciation of the AAD.(b) A
Using the following vocabulary, complete the following text: forward; market maker or broker; shopping around; spot; arbitrage; retail; wholesale. "When trading on the foreign exchange markets, the
You are given the following spot quote: EUR/GBP 1.5015-1.5040(a) The above quote is for which currency?(b) What is the bid price for EUR in terms of GBP?
You read in your newspaper that yesterday's spot quote was CAD/GBP 2.31342.3180.(a) This is a quote for which currency?(b) What is the ask rate for CAD?(c) What is the bid rate for GBP?
Given the bid-ask quotes for JPY/GBP 220-240, at what rate will:(a) Mr. Smith purchase GBP?(b) Mr. Brown sell GBP?(c) Mrs. Green purchase JPY?(d) Mrs. Jones sell JPY?
A bank is currently quoting the spot rates of EUR/USD 1.3043-1.3053 and NOK/USD 6.15-6.30. What is the lower bound on the bank's bid rate for the NOK in terms of EUR?
1. CPP may not hold because:(a) The prices for individual goods are sticky.(b) Transaction costs increase the bounds on deviations from CPP, making it more difficult to arbitrage away price
You have just graduated from the University of Florida and are leaving on a whirlwind tour to see some friends. You wish to spend USD 1,000 each in Germany, New Zealand, and Great Britain (USD 3,000
Abitibi Bank quotes JPY/EUR 155-165, and Bathurst Bank quotes EUR/JPY 0.00590.0063.(a) Are these quotes identical?(b) If not, is there a possibility for shopping around or arbitrage?(c) If there is
In a figure discussed in the text, and reproduced below, I showed plots of the gold price and mentioned that, if we had corrected for inflation, then the 1980 price would be seen to be much above the
What are the bid-ask quotes for:(a) czj/gbp?(b) dkk/gbp?(c) eur/gbp?(d) nok/gbp?The following spot rates against the gbp are taken from the Financial Times of Friday, February 2, 2007.
What are the bid-ask quotes for:(a) gbp/czj?(b) gbp/dkk?(c) gbp/eur?(d) gbp/nok?The following spot rates against the gbp are taken from the Financial Times of Friday, February 2, 2007.
What are the cross bid-ask rates for:(a) rub/chf?(b) nok/ytl?(c) dkk/eur?(d) czj/chf?The following spot rates against the gbp are taken from the Financial Times of Friday, February 2, 2007.
Which of the following statements are correct?(a) A forward purchase contract can be replicated by: borrowing foreign currency, converting it to domestic currency, and investing the domestic
What's wrong with the following statements?(a) The forward is the expected future spot rate.(b) The sign of the forward premium tells you nothing about the strength of a currency; it just reflects
Check analytically the equivalence of the two alternative ways to do the following trips:(a) Financing of international trade: you currently hold a fc claim on a customer payable at T, but you want
You hold a set of forward contracts on eur, against usd (=hc). Below I show you the forward prices in the contract; the current forward prices (if available) or at least the current spot rate and
60-day interest rate (simple, p.a.) are 3% at home (usd) and 4% abroad (eur). The spot rate moves from 1.000 to 1.001.(a) What is the return differential, and what is the corresponding prediction of
60-day interest rate (simple, p.a.) are 3% at home (usd) and 4% abroad (eur). The spot rate is 1.250. There are no spreads, as you probably noticed.(a) Check that investing eur 1m, hedged, returns as
60-day interest rate (simple, p.a.) are 3% at home (usd) and 4% abroad (eur). The spot rate is 1.250.(a) Check that borrowing eur 1m (=current proceeds, not future debt), hedged, costs as much as
Groucho Marx, as Governor of Freedonia's central bank, has problems. He sees the value of his currency, the fdk, under constant attack from Rosor, a wealthy mutual-fund manager. Apparently, Rosor
Which of the following are risks that arise when you hedge by buying a forward contract in imperfect financial markets?(a) Credit risk: the risk that the counterpart to a forward contract
Which of the following statements are true?(a) Margin is a price paid to the bank to compensate it for taking on credit risk.(b) If you hold a forward purchase contract for jpy that you wish to
Which of the following statements are correct?(a) A forward purchase contract can be replicated by: borrowing foreign currency, converting it to domestic currency, and investing the domestic
The following spot and forward rates are in units of thb/fc. The forward spread is quoted in centimes.Choose the correct answer.i. The one-month forward bid/ask quotes for chf are:a. 27.387-27.942b.
Suppose that you are quoted the following nzd/fc spot and forward rates:(a) What are the three-month synthetic-forward nzd/usd bid-ask rates?(b) What are the six-month synthetic-forward nzd/eur
Michael Milkem, an ambitious MBA student from Anchorage, Alaska, is looking for free lunches on the foreign exchange markets. Keeping his eyes glued to his Reuters screen until the wee hours, he
Us-based Polyglot Industries will send its employee Jack Pundit to study Danish in an intensive training course in Copenhagen. Jack will need dkk 10,000 at t = 3 months when classes begin, and dkk
Check analytically that a money-market hedge replicates an outright forward transaction. Analyze, for instance, a forward sale of dkk 1 against nzd.
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