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Federal Taxation Chapter 10




#4. Jerry and Ernie are comparing their tax situations. Both are paying all of the nursing home expenses of their parents. Jerry can include the expenses in computing his medical expense deduction, but Ernie cannot. What explanation can you offer for the difference?;#12. Diane owns a principal residence in Georgia, a townhouse in San Francisco, and a yacht in Cape Cod. All of the properties have mortgages on which Diane pays interest. What are the limitations on Diane's mortgage interest deduction? What strategy should Diane consider to maximize her mortgage interest deduction?;#35. Nadia donates $4,000 to Eastern University's athletic department. The payment guarantees that Nadia will have preferred seating near the 50 yard line.;a. Assume that Nadia subsequently buys four $100 game tickets. How much can she deduct as charitable contribution to the university's athletic departments?;b. Assume that Nadia's $4,000 donation includes four $100 tickets. How much can she deduct as a charitable contribution to the university's athletic department?;#41. In December each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 28% marginal tax bracket, is considering the following alternatives for satisfying the contribution.;#44. For calendar year 2014, Stuart and Pamela Gibson file a joint return reflecting AGI of $35,000. Their itemization deductions are as follows;Casualty loss after $100 floor(not covered by insurance) $48,000;Home Mortgage interest $19,000;Credit card Interest $800;Property taxes on home $16,300;Charitable contributions $28,700;State income tax $18,000;Tax return preparation fees $1,200


Paper#24138 | Written in 18-Jul-2015

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