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Individual Income test Please EXPLAIN your answers and show ealculations. 1. Don gave his daughter Donice land worth $100,000 (he had previously...




Individual Income tax test;Please EXPLAIN your answers and show ealculations.;1. Don gave his daughter Donice land worth $100,000 (he had previously given $14.000 which used his annual gift tax exclusion). The land cost Don $50,000 three years ago. Doniee subsequently sold the land to friend Fannie for $100,000 in cash and $20,000 in Pepsi stock. Caleulate and explain Donce's sale of the land.;2. Terri cloth is an excutive with a small business. The owner wants to transfer company stock to Tem now worth $100,000 if she works for the company for three years. Terri fully expects the stock to be worth more in three years. Explain Tem's options.;3. List and give an example of the tree types of tax assets;4. Give an example and explain the difference between a defined contribution and a defined benefit pension plan.;5. Give an example explain the difference between a Roth IRA and a traditional IRA.;6. Explain pension plan vesting and panicipation requirements.;7. What is the earliest and latest age for withdrawal from a defined contribution plan and the tax consequences of the withdrawal;8. Frank Lea exchanged his forklift for delivery truck worth $20,000 and $5.000 in Pepsi a stock forklift originally cost $15.000 and Frank had taken $5.000 depreciation). Calculate the in gain and basis in delivery truck.;9. Landan Hoe sold his forklift that he owned for four years for $20,000 (cost $15,000. depreciation taken $5.000) to Mark Mee. Mark is to pay five equal annual installments and 5% interest. Calculate the first payment.;10. Ben There has the following transactions this year;a. storage building destroyed by tomado (adj. basis $200,000, insuran ce reimbursement $300,000, built new building for $250,000, owed the building for three years;b. sold forklift for $15.000 (cost $10,000, depreciation $5.000): owned forklift for two years;c. sold delivery truck for $10.000 (cost $20,000, depreciation $5.000), owned for two years;d. sold Coke stock for $10.000 (cost $15,000): owned for one year;Show work and calculate result of all transactions.


Paper#74601 | Written in 18-Jul-2015

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