Question;46. MasonPhillips, age 45, and his wife, Ruth, live at 230 Wood Lane, Salt Lake City, UT 84101.Mason?s Social Security number is 111-11-1111. Ruth?s Social Security number is 123-45-6789. Mason and Ruth are cash basis taxpayers and had the following items for 2013:? Salary of $140,000.? Bad debt of $30,000 from uncollected rent.? Collection of unpaid rent from a prior year of $6,000.? Sale of ? 1244 stock resulting in a loss of $105,000. The stock was acquired eight months ago.? Rental income of $60,000.? Rental expenses of $33,000.? Casualty loss on rental property of $10,000.? Personal casualty loss (from one event) of $20,000.? Theft loss of $5,000 on a computer used 100% associated with their jobs.? Theft loss of $8,000 on a painting held for investment.? Other itemized deductions of $18,000.? Federal income tax withheld of $3,000.Compute Mason and Ruth?s 2013 Federal income tax payable (or refund due).
Paper#41163 | Written in 18-Jul-2015Price : $32