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UOP ACC547 week 4 problem set

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Question;Complete as agreed forProblems 61 & 62 in Ch. 14 ofTaxation of Individuals and Business Entities.Respondto all the questions in each problem. Support your answers with calculations, as needed.Discussyour results with your team.Decideon a final group submission.Submityour completed team assignment.Clickthe Assignment Files tab to submit your assignment.Please remember provide support for answers whether you are researching or calculating to get answers. Properly label all parts of a problem.61.(LO4)Assuming Alexa receives $20,000 in gross rental receipts, answer the following questions:What effect does the rental activity have on her AGI for the year?Assuming that Alexa?s AGI from other sources is $90,000, what effect does the rental activity have on Alexa?s AGI? Alexa makes all decisions with respect to the property.Assuming that Alexa?s AGI from other sources is $120,000, what effect does the rental activity have on Alexa?s AGI? Alexa makes all decisions with respect to the property.Assume that Alexa?s AGI from other sources is $200,000. This consists of $150,000 salary, $10,000 of dividends, and $25,000 of long-term capital gain and net rental income from another rental property in the amount of $15,000. What effect does the Cocoa Beach Condo rental activity have on Alexa?s AGI?62.(LO4)Assume that in addition to renting the condo for 100 days, Alexa uses the condo for eight days of personal use. Also assume that Alexa receives $30,000 of gross rental receipts. Answer the following questions:What is the total amount offorAGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days.What is the total amount offromAGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days.Would Alexa be better or worse off after taxes if she uses the Tax Court method of allocating expenses?

 

Paper#39353 | Written in 18-Jul-2015

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