Ch 16 Problems Slides F23S24

Data: Ingrid is a business owner. Assume that Ingrid purchased only a phone list with a useful life of five years for $10,000. Question How much amortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3? Thx

please solve account general questions

■ | ■ ■ - On 1 July 2019 Mary acquired a leather sofa for $21816. Mary borrowed $29,000 of the money from XYZ Bank. Answer: 598 The loan was a fixed interest loan on which Mary paid interest of $5,000. Mary sold it in September 2019 for $35403. Required: Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that FANG SE AN income year IN LA 700 ■ 7 W ■ ■ ■ ■ - ■ MASONS, IPOLITA BOTTELS ■ P ■ … ■ ■ " ■ ■ ■ ■ P ☐ ■ ■ ■ L

Answer the situation

28. John Jay paid interest expense of $12,000 on his personal residence original first mortgage this year and $5,000 on a $100,000 home equity credit line also secured by a mortgage on his home Half of the home equity credit line loan proceeds were used to put a new roof on the home and the other half was used to purchase a new car. Assuming the acquisition and home equity limits are not exceeded, how much of the total interest expense is deductible on John's Schedule A as qualified home mortgage interest? O$17,000 O$14,500. O$12,000 29 The Browns borrowed $30,000, secured by their home, to pay their son's college tuition. At the time of the loan, the fair market value of their home was $400,000, and it was unencumbered by other debt. The interest on the loan is treated for itemized deductions as ODeductible points. ONon-deductible home equity (mortgage) interest. ODeductible home equity (mortgage) interest.

COMPOUND INTEREST 1. Mr. Iman purchased an antique souvenir for P12,500. Ten years later, he sold this item for P35,000. If the item is viewed as an investment, what annual rate did he earn?

Mr. Mogi borrowed $9000 for 10 years to make home improvements. If he repaid a total of $20,000 at what interest rate did he borrow the money? Give typing answer with explanation and conclusion

Download Schedule D of 1040, given the following information, complete through part III of Schedule D:   Nicholas Jack with social security number 555-25-5566. He has an STCL carryover of $250 from last year.   Land was sold for $40,000. The land was received as a property settlement on January 10, 2020, when the land’s FMV amounted to $35,000. His ex-wife’s basis for the land, purchased on January 10, 2004, was $20,500.   Marketable securities held as an investment were sold for $25,000. The securities were inherited from his uncle, who died on April 12 of the current year when FMV of the securities was $26,000. The uncle purchased the securities on July 12, 2000, for $10,000.

Required information [The following information applies to the questions displayed below.] On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $2.59 million by paying $290,000 down and borrowing the remaining $2.30 million with a 8 percent loan secured by the home. The Franklins paid interest only on the loan for year 1, year 2, and year 3 (unless stated otherwise). Note: Enter your answers in dollars and not in millions of dollars. Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. b. What is the amount of interest expense the Franklins may deduct in year 2 assuming year 1 is 2022? Deductible interest expense

During the year, Rita rented her vacation home for twelve days for $2,400 and she used it personally for three months. The following expenses were incurred on the home: Property taxes $ 2, 200 Mortgage interest 10, 800 Utilities and maintenance 1,900 Depreciation 5, 000 Insurance 900 Calculate the gross income recognized from the rental property a. $0 b. $780 c. $1,300 d. $2,400