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Federal income taxes I
week 2
ACC 401 Week 2 Assignment Deductions

ACC 401 Week 2 Assignment Deductions

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Ch. 4 53. Under the terms of divorce decree executed May 1, 2010, Rob transferred a house worth $650,000 to his ex-wife, Linda and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000. a. How much of this must be reported on Linda’s tax return? b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house? 55. Indicate whether each of the following items is considered a for AGI, (above the line) deduction for the 2010 tax year? a. Student loan interest b. Gambling loses c. Early withdrawal penalty d. Child support payments e. Charitable contributions f. One- half of self-employment taxes g. Alimony h. Scholarships for tuition and books i. Moving expenses j. Property taxes k. Self-employed health insurance premiums Ch.5 54. Steve purchased a personal residence from Adam. In order to sell the residence, Adam agreed to pay $4,500 in points related to Steve’s mortgage. Discuss the tax consequences from both Steve’s and Adam’s perspectives. 61. Reynaldo and Sonya, a married couple, had flood damage in their home during 2010 which ruined the furniture in their garage. The following items were completely destroyed and not salvageable Their homeowner’s insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700. Their adjusted gross income for 2010 was $30,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2010? 60. During the year 2010, Ricky drives her car 5,000 miles to visit clients, 10,000 miles to get to her office, and 500 miles to attend business-related seminars. She spent $300 for airfare to another business seminar and $200 for parking at her office. Using the care expense rate of 50 cents per mile, what is her deductible transportation expense?

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