FNCE-2005 Assignment #1_Student

Module 5 - Practice QuestionMr. Jay Brown is 66 years of age and his 2020 income is made up of employmentincome of $75,800, contributed $6,500 to his RRSP. He also earned interestincome from Guaranteed Investment Certificate (GIC) of $3,700 during 2020 andreceived Old Age Security benefits of $7,400 (because of large business lossesduring the previous two years, no amount was withheld from the OAS payments).Mr. Brown and his family live in Toronto, Ontario. For 2020, Mr. Brown’semployer withheld maximum CPP ($2,898) and EI ($856) contributions. Otherinformation pertaining to 2020 is as follows:1. Mr. Brown’s spouse is 59 years old and qualifies for the disability tax credit.Her income for the year totaled $4,500.2. Mr. and Mrs. Brown have two daughters, Keith, aged 15 and Laura, aged17. Keith had income of $2,700 for the year while Laura had net income of$3,000. In September 2020, Laura began full time attendance at a Canadianuniversity. Mr. Brown paid her tuition fees of $6,000, of…

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Week 8 Homework Included in Mary's gross estate are the following assets. Stock in Orange Corporation Stock in Crimson Corporation Fair Market Value Feedback Date of Death $13,000,000 6,100,000 Six Months Later $13,100,000 5,900,000 If an amount is zero, enter "0". a. How much is included in her gross estate if the alternate valuation date is elected? Because the § 2032 election can ✓ be made, the amount to include is $ 19,000,000. Check My Work The alternate valuation date election was designed as a relief provision to ease the econo decline in value. b. Suppose all of Mary's assets pass to her surviving spouse. How much is included in her gross estate if the alternate valuation date is elected? Because the § 2032 election cannot ✓ be made, the amount to include is $ O X.

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lttps:/253A%252F%252Fblackboard.american.edu%2... 1 Saved He Required information [The following information applies to the questions displayed below.] Steve Pratt, who is single, purchased a home in Spokane, Washington, for $415,000. He moved into the home on February 1of year 1. He lived in the home as his primary residence until June 30 of year 5, when he sold the home for $767,500. (Leave no answer blank. Enter zero if applicable.) a. What amount of gain will Steve be required to recognize on the sale of the home? Recognized gain on sale

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Required information Problem 6-55 (LO 6-3) (Algo) [The following information applies to the questions displayed below.) Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2022 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent). Problem 6-55 Part-b (Algo) b. Stephanie reported $2,625 of earnings from her babysitting. Standard deduction

2 k t nces Required information Problem 14-50 (LO 14-3) (Algo) [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities Problem 14-50 Part a (Algo) $ 1,130,000 25,300,000 78,000,000 16,300,000 $ 120,730,000 Estate Tax Due $ 4,500,000 5,400,000 $ 9,900,000 a. Tom made a taxable gift of $6.40 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.

AP 8-7 (Principal Residence Designation) Mr. Stewart Simms has lived most of his life in Vancouver. In 1997, he purchased a three bedroom home near English Bay for $125,000. In 2002, he acquired a cottage in the Whistler ski area at a cost of $40,000. In all subsequent years, he has spent at least a portion of the year living in each of the two locations. When he is not residing in these properties they are left vacant. On October 1, 2021, Mr. Simms sells the English Bay property for $515,000 and the cottage at Whistler for $320,000. Mr. Simms wishes to minimize any capital gains resulting from the sale of the two properties. Required: Describe how the two residences should be designated to optimize the use of the principal residence exemption. In addition, calculate the amount of the taxable capital gains that would arise under the designation that you have recommended. Show all supporting calculations.

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66 Questions 66 - 70 are based on the Salim and Lathika Hussein case study Salim and Lathika Hussein have been married for two years. Salim is 47 years old; Lathika is 42 years of age. Lathika is a chartered accountant and earns a salary of $128,000. Salim is a bus driver for city transit and earns a salary of $62,500. His salary last year was $60,200. Currently, Salim and Lathika live in an apartment however, they are saving in the hopes of purchasing their own home in the near future. When they do make the purchase, the property will be registered in both names as joint tenants. Lathika did own her own home in partnership with her ex-husband during her previous marriage however, that property was sold three years ago as part of her divorce settlement. Salim has never owned a home that he has used as his principal residence. Lathika has an RRSP to which she makes regular contributions. There was however a period of four years during which she did not contribute the maximum amount…

114.5GX 1:05ll Gıl KB/S 0.79 22 4 docs.google.com/forms/d, 26 Untitled Section Ron, who died during the year, has the following income in 2019: Proceeds of life insurance Death benefits received from SSS Separation benefit from employer(redundancy) Salary accruing before death P 1,000,000 200,000 800,000 50,000 Compute the total exclusion from gross income. P1,000,000 P1,200,000 P2,050,000 P2,000,000 All of the following except one are inherent limitations of taxation. Which one is it? *

Exercise 13-39 (Algorithmic) (LO. 7) On February 24, 2020, Allison's building, with an adjusted basis of $3,763,700 (and used in her trade or business), is destroyed by fire. On March 31, 2020, she receives an insurance reimbursement of $4,892,810 for the loss. Allison invests $4,403,529 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election? b. Assuming that the replacement property qualifies as similar or related in service or use, what are Allison's realized gain, recognized gain, and basis in the replacement building? Allison's realized gain is $ and recognized gain is $ . Her basis in the new building is $

Required information Comprehensive Problem 6-65 (LO 6-1, LO 6-2, LO 6-3) (Static) [The following information applies to the questions displayed below.] Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $831. Joe and Jessie have summarized…

nment Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Problem 6-4A (Algo) F2 Federal income tax withholding Social Security tax Medicare tax State income tax withholding Gerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. 3 Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answers to 2 decimal places.) JUL 15 80 F3 $ 4 E R Q F4 % 5 DII F8 ( 9 A F9 U I O Help ) 0 Save & Exit F10 P Check my wom 4 F11 Sub { + [ F

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om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它☆ to Ta> еBook 19 Problem 3-43 (LO. 9) Each year, Tom and Cindy Bates (married filing jointly) normally have itemized deductions of $22,000 (which includes an annual $4,000 pledge payment to their church). On the advice of a friend, they do the following: In early January 2020, they pay their pledge for 2019; during 2020, they pay their pledge for 2020; and in late December 2020, they prepay their pledge for 2021. a. What are the Bateses trying to accomplish? To have their itemized deductions exceed the standard deduction Feedback Check My Work In most cases, the choice between using the standard deduction and itemizing deductions from AGI is a simple matter-pick whichever yields the larger tax benefit. However, taxes might be saved by alternating between the two options by tax planning. b. What would the Bates' total itemized deductions be if all three church pledge payments were made…

Problem 7-33 (LO. 3, 4, 8) Olaf lives in the state of Minnesota. In 2020, a tornado hit the area and damaged his home and automobile. Applicable information is as follows: Adjusted FMV FMV Insurance Item Basis before after Proceeds Home $350,000 $500,000 $100,000 $280,000 Auto 60,000 40,000 10,000 20,000 Because of the extensive damage caused by the tornado, the President designated the area a Federal disaster area. Olaf and his wife, Anna, always file a joint return. Their 2019 tax return shows AGI of $180,000 and taxable income of $145,000. In 2020, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $225,000. Assume the taxpayers are in the 22% tax bracket in 2019 and the 24% tax bracket in 2020. Determine the amount of Olaf and Anna's loss and the year in which they should take the loss. Item Amount of Loss Home $ Auto Total loss $4 Less: statutory floor amount Loss before statutory % of AGI $4 Amount of loss on last year's return:…

* CengageNOWv2 | Online teachin x Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Problem 13-56 (LO. 3) Margo receives a gift of real estate with an adjusted basis of $175,000 and a fair market value of $100,000. The donor paid gift tax of $15,000 on the transfer. If an amount is zero, enter "0". If Margo later sells the property for $110,000, what is her recognized gain or loss? Margo's basis for a gain is $ and her basis for a loss is $ If Margo later sells the property for $110,000, her recognized gain or loss is $ Next Previous 10:58 PM Check My Work

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Question #74 of 85 John, 84, has developed Alzheimer's and can no longer care for himself. Prior to becoming incapacitated, John executed a will and a medical power of attorney. John's daughter comes to you, his financial planner, and inquires as to whether she can manage his finances for him, since she is named as the executor of the will and the agent under the medical power of attorney. Which one of the following statements would be a correct response to her inquiry?     A) John's daughter may not manage his financial affairs unless she is appointed by the court as his conservator.     B) John's daughter may not manage his financial affairs unless she is appointed by the court as his custodian.     C) John's daughter may manage his financial affairs because she is appointed as executor of the will and as the agent under the medical power of attorney.     D) John's daughter may manage his financial affairs because that was his express intent in a conversation you had with…

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Question #59 of 85   Question ID: 1251855 Your client is terminally ill. Her potential gross estate, valued at $12.9 million, includes the following assets: A life insurance policy on her life, with a death benefit of $500,000; her deceased husband is the named beneficiary A general power of appointment (valued at $500,000) over the assets of a trust established by her husband; her children are the designated remaindermen of the trust A $500,000 retained life estate in the family residence Your client also expects to receive a $500,000 bequest within the next four months from her deceased sister's estate; the client's children are the contingent beneficiaries of the bequest. Your client would like to transfer a portion of her estate to her two children while she is alive to reduce her potential estate tax liability to the greatest extent possible. Which one of the following exclusion techniques would be the most appropriate to reduce the value of your client's potential gross…

Problem 6-45 (LO. 3) Alex, who is single, conducts an activity in 2020 that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Revenue $18,000 Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Depreciation 4,000 Without regard to this activity, Alex's AGI is $42,000. Determine the amount of income Alex must report and the amount of the expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income: Deductible expenses: $

15:07 Exam Start | MSUB Exam || The Maharaja . THE MAHARAJA SAYAJIRAO UNIVERSITY OF BARODA MSUB Exam | 2020-2021 29-Nov-2021| Monday QUESTION - 1/15 2020033800005404 : Mr. A has three children. He is getting hostel allowance of Rs. 550 p.m. per child. What will be the taxable amount for hostel allowance? O Rs.10,200 Rs.7,400 Rs.12,600 Rs.21,800 Submit II

Problem 6-51 (LO 6-2) (Algo) Skip to question   [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.

17. Don placed in service $20,000 of office furniture on March 1, 2019 and elected to expense the entire amount under Sec. 179. In 2020 the furniture is converted to nonbusiness use. What amount of ordinary income must Don recognize in 2020 (if any)? a. $20,000 b. $ 1,429 c. $ 2,858 d. $17,142 e. None of the answers provided is correct.

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