QUESTIONS REE vtizevinu srit mit er hol 1. What is Clara's federal income tax filing status...
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QUESTIONS REE vtizevinu srit mit er hol 1. What is Clara's federal income tax filing status for 2016, 2017, 2018, and 2019? 3.2006) 2. On November 1, 2017, Clara decides to sell her personal residence for the fair market value as of January 1, 2017. What will be her tax consequences? Disregard the vacation home. 4. 5. Case 8 I Clara Morrish 121 3. Clara will attain age 70% in 2017. If she elects to take a distribution from Tim's profit- sharing plan in 2017, to what extent will she be required to include it in her gross income? 000.11? Sup 628 How should Clara report the income and expenses from her jewelry business for 2016? Ten years ago, Tim and Clara gave their grandchildren stock in a U.S. domestic corpora- tion that is publicly traded. Because of an important advance in technology in the last year, the company is growing rapidly and in 2017 it pays $2,200 in qualified dividends to each child. What are the kiddie tax implications of the dividends on the income of Clara? the grandchildren in 2017? To their parents (assume a marginal tax rate of 25%)? To (69) nartt 6. Rather than let the vacation home sit unused during Tim's last illness, Tim and Clara rented it to vacationers for 180 days in 2016. However, Clara used her vacation home for the last 40 days of the year after Tim's death in 2016. The only expenses for the home were utilities, taxes, and maintenance. How much of these expenses may she deduct? Where does she report the income and expenses on her tax return in 2016? How much of Tim's IRA must Clara include in taxable income in 2016? 7. 8. How much of Clara's Social Security is taxable in 2017? adton 1/fons 10t Vietsubans 9. What is Clara's gross income in 2017? 10. Assume that in 2018, Clara decides to sell the stock she inherited from Tim that now has a fair market value of $24,000. She directs the broker to make the check payable to her sons, George and Vince, because she does not need the extra income from the sale. What are the tax consequences to Clara, George, and Vince as a result of this stock sale in the year of the sale? grif 11. A thief entered Clara's home on New Year's Day in 2017 while she was away from home and stole an antique gun that had been one of Tim's treasures that he had pur- chased for $3,500. Unfortunately, while Clara had the gun appraised after Tim's death, she did not specifically insure it and only recovered $200 for the gun that had been val- ued at $4,500. Assuming her AGI is the same in 2017 as in 2016, how much may Clara claim as a casualty loss on her tax return for 2017? 12. Assume that Clara's best friend, Marlene, who is 67 and legally blind, is i 31121 MANTOT poor health and has only a meager Social Security income of $3,250 annually. Clara invited her to live with her beginning January 1, 2017, and is providing more than 50% of her total support. Assuming her AGI is the same in 2017 as in 2016, how will this affect Clara's personal and dependency exemptions in 2017? QUESTIONS REE vtizevinu srit mit er hol 1. What is Clara's federal income tax filing status for 2016, 2017, 2018, and 2019? 3.2006) 2. On November 1, 2017, Clara decides to sell her personal residence for the fair market value as of January 1, 2017. What will be her tax consequences? Disregard the vacation home. 4. 5. Case 8 I Clara Morrish 121 3. Clara will attain age 70% in 2017. If she elects to take a distribution from Tim's profit- sharing plan in 2017, to what extent will she be required to include it in her gross income? 000.11? Sup 628 How should Clara report the income and expenses from her jewelry business for 2016? Ten years ago, Tim and Clara gave their grandchildren stock in a U.S. domestic corpora- tion that is publicly traded. Because of an important advance in technology in the last year, the company is growing rapidly and in 2017 it pays $2,200 in qualified dividends to each child. What are the kiddie tax implications of the dividends on the income of Clara? the grandchildren in 2017? To their parents (assume a marginal tax rate of 25%)? To (69) nartt 6. Rather than let the vacation home sit unused during Tim's last illness, Tim and Clara rented it to vacationers for 180 days in 2016. However, Clara used her vacation home for the last 40 days of the year after Tim's death in 2016. The only expenses for the home were utilities, taxes, and maintenance. How much of these expenses may she deduct? Where does she report the income and expenses on her tax return in 2016? How much of Tim's IRA must Clara include in taxable income in 2016? 7. 8. How much of Clara's Social Security is taxable in 2017? adton 1/fons 10t Vietsubans 9. What is Clara's gross income in 2017? 10. Assume that in 2018, Clara decides to sell the stock she inherited from Tim that now has a fair market value of $24,000. She directs the broker to make the check payable to her sons, George and Vince, because she does not need the extra income from the sale. What are the tax consequences to Clara, George, and Vince as a result of this stock sale in the year of the sale? grif 11. A thief entered Clara's home on New Year's Day in 2017 while she was away from home and stole an antique gun that had been one of Tim's treasures that he had pur- chased for $3,500. Unfortunately, while Clara had the gun appraised after Tim's death, she did not specifically insure it and only recovered $200 for the gun that had been val- ued at $4,500. Assuming her AGI is the same in 2017 as in 2016, how much may Clara claim as a casualty loss on her tax return for 2017? 12. Assume that Clara's best friend, Marlene, who is 67 and legally blind, is i 31121 MANTOT poor health and has only a meager Social Security income of $3,250 annually. Clara invited her to live with her beginning January 1, 2017, and is providing more than 50% of her total support. Assuming her AGI is the same in 2017 as in 2016, how will this affect Clara's personal and dependency exemptions in 2017?
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South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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