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ACC/547 Week 2 Problem Set




Question;ACC/547 Week 2 Problem Set;Problem;72 (Ch. 2);Latrell recently used his Delta;Skymiles to purchase a free roundtrip ticket to Milan, Italy (value $1,200).;The frequent flyer miles used to purchase the ticket were generated from;Latrell?s business travel as a CPA. Latrell?s employer paid for his business;trips, and he was not taxed on the travel reimbursement. Use an available tax;research service to determine how much income, if any, does Latrell have to;recognize as a result of purchasing an airline ticket with Skymiles earned from;business travel.;Problem;49 (Ch. 3);Bendetta;a high-tax-rate taxpayer, owns several rental properties and would like to;shift some income to her daughter, Jenine. Bendetta instructs her tenants to;send their rent checks to Jenine so Jenine can report the rental income. Will;this shift the income from Bendetta to Jenine? Why or why not?;Comprehensive Problem 40 (Ch. 4);Marc and Michelle are married and;earned salaries this year (2009) of $64,000 and $12,000, respectively. In;addition to their salaries, they received interest of $350 from municipal bonds;and $500 from corporate bonds. Marc and Michelle also paid $2,500 of qualifying;moving expenses, and Marc paid alimony to a prior spouse in the amount of;$1,500. Marc and Michelle have a 10-year-old son, Matthew, who lived with them;throughout the entire year. Thus, Marc and Michelle are allowed to claim a;$1,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of;expenditures that qualify as itemized deductions and they had a total of $5,500;in federal income taxes withheld from their paychecks during the course of the;year.;a.What;is Marc and Michelle?s gross income?;b.What;is Marc and Michelle?s adjusted gross income?;c.What;is the total amount of Marc and Michelle?s deductions from AGI?;d.What;is Marc and Michelle?s taxable income?;e.What;is Marc and Michelle?s taxes payable or refund due for the year (use the tax;rate schedules)?;Comprehensive Problem 41 (Ch. 4);Demarco and Janine Jackson have been married for 20 years and have four children;who qualify as their dependents. Their income from all sources this year (2009);totaled $200,000 and included a gain from the sale of their home, which they;purchased a few years ago for $200,000 and sold this year for $250,000. The;gain on the sale qualified for the exclusion from the sale of a principal;residence. The Jacksons incurred $16,500 of itemized deductions.;b. What would their taxable income be;if their itemized deductions totaled $6,000 instead of $16,500?;c. Assume the;same facts as in part b. except that the Jackson?s report $6,000 of for AGI;deductions and $0 itemized deductions. What is the Jackson?s taxable income?;d. Assume the;original facts except that they also incurred a loss of $5,000 on the sale of;some of;their investment;assets. What effect does the $5,000 loss have on their taxable income?;e. Assume the;original facts except that the Jacksons owned investments that appreciated by;$10,000 during the year? The Jacksons believe the investments will continue to;appreciate, so they did not sell the investments during this year. What is the;Jackson?s taxable income?


Paper#38699 | Written in 18-Jul-2015

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