Greg died on July 1, 2014, and left Lea, his wife, a $50,000 life insurance policy which she elects to receive at $5,000 per year plus interest for 10 years. In the current year, Lea receives $6,200. How much should Lea include in her gross income? $_______________
Answer to relevant QuestionsJohn installed a new roof on his friend’s house in return for a used truck worth $8,000. How much income must John report on his tax return for his services? ...Ellen’s tax client is employed at a large company that offers medical flexible spending accounts to its employees. Tom must decide at the beginning of the year whether he wants to put as much as $2,500 of his salary into ...Answer the following questions, assuming that the related divorce agreements were executed during 2014. a. Under a divorce agreement, Joan is required to pay her ex-husband, Bill, $700 a month until their daughter is 18 ...Go to the U.S. General Services Administration (GSA) website. What is the per diem rate for lodging and M&IE for each of the following towns? a. Flagstaff, AZ b. Palm Springs, CA c. Denver, CO Pete qualifies for a home office deduction. The amount of space devoted to business use is 300 square feet of the total 1,200 square feet in his apartment. Pete’s total rent for the year is $9,600, and he pays utilities ...
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