Screen Shot 2023-12-18 at 4

3

Julie, a single taxpayer, has completed her 2023 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $13,850 in 2023. Question Content Area a.  Calculate Julie's taxable income or loss.fill in the blank 1 of 2$ fill in the blank 2 of 2     Feedback Area   Feedback   The net operating loss provision is primarily designed to provide relief for trade or business losses. Generally, only losses from the operation of a trade or business, casualty and theft losses, or confiscation losses can generate a net operating loss. The TCJA modified the rules regarding the carry back and carry forward of NOLs. Question Content Area b.  Calculate the business and nonbusiness portions of her taxable income or loss.Business: fill in the blank 1 of 4$ fill in the blank 2 of 4   Nonbusiness: fill in the blank 3 of 4$ fill in the blank 4 of 4     Feedback Area   Feedback   Partially correct…

F3

Problem Renee and Sanjeev Patel, who are married, reported taxable income of $1,008,000 for 2022. They incurred positive AMT modifications of $142,500. Click here to access the exemption table. a. Compute the Patels' alternative minimum taxable income (AMTI) for 2022. 1,008,000 Taxable income Plus: Equals: AMTI AMTI b. Compute the Patel's tentative minimum tax. Computation of AMT Base and Tax 8) AMT modifications AMT exemption AMT base TMT $ 75,000 1,083,000 1,083,000

True or False 1. The hobby losses is deductible for 2022.   2. The education expenses is deductible if maintain or improves skills of the taxpayer.   3. A taxpayer can deduct $55 per day for meals and incidentals without keeping receipts on a business trip.     4. A taxpayer can take depreciation on a business auto and use the $0.60 mileage rate in the same years.   5. Transportation costs are allowed only when the taxpayer visits various clients in the same days. I want answer within one hour,Thanks

Required information [The following information applies to the questions displayed below] Allie received a $50,000 distribution from her 401(k) account this year that she established while working for Big Stories, Incorporated. Assume that her marginal ordinary tax rate is 24 percent. c. Allie is 67 and retired. How much tax and penalty will Allie pay on the distribution? Tax and penalty 3

Problem 3: Determine Taxable Income Jules Winfield is a single taxpayer who maintained a home for his dependent daughter who was not a full-time student. The daughter lives with Jules for 8 months of 2022. During 2022 he had an AGI of $100,000 and reported the following expenditures: Expenditures State Income Taxes Contribution to a traditional individual retirement account (IRA) Charitable Contributions 6,000 4,000 8,000 ADDITIONAL INFORMATION For any item you determine is an allowable deduction, you can deduct the entire amount. Required: Determine Jules' taxable income for 2022.

Give correct answer

Required information [The following information applies to the questions displayed below.] Salvador and Jenna Porter purchased a home in Kenosha, Wisconsin, for $400,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until November 1 of year 1, when they sold the home for $500,000. The Porters' marginal ordinary tax rate is 35 percent. Note: Leave no answer blank. Enter zero if applicable. c. Assume the same facts as in part (b), except that the Porters sell their home for $700,000. How much gain will the Porters recognize on the home sale? Note: Do not round intermediate calculations. Recognized gain

Required information [The following information applies to the questions displayed below.] Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $400,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until November 1 of year 1, when they sold the home for $500,000. The Pratts' marginal ordinary tax rate is 35 percent. (Leave no answer blank. Enter zero if applicable.) d. Assume the same facts as part (b), except that on December 1 of year 0 the Pratts sold their home in Spokane and excluded the $300,000 gain from income on their year 0 tax return. How much gain will the Pratts recognize on the sale of their Spokane home? Recognized gain on sale

7

22) Pierce, a single taxpayer, sold his home this year. He had owned and lived in the house for 10 years. Pierce signed a contract on March 4 to sell his home. Sales price Selling expenses Replaced and paid for a broken window on March 2 Basis of old home before repairs and improvements $600,000 15,000 800 310,000 Based on these facts, what is the amount of his recognized gain? B) $40,000 C) $275,000 A) $25,000 D) $0