Please answer.upvote confirm 60. Cecil C. Seymour is a 64-year-old widower. He had income for 2019 as follows:Tax Computation ProblerPension from former employer$39,850Interest income from Alto National Bank5,500Interest income on City of Alto bondsDividends received from IBM stock held for over one year4,5002,000Collections on annuity contract he purchased from Great Life Insurance5,400Social Security benefits14,000Rent income on townhouse9,000The cost of the annuity was $46,800, and Cecil was expected to receive a total of260 monthly payments of $450. Cecil has received 22 payments through 2019.Cecil's 40-year-old daughter, Sarah C. Seymour, borrowed $60,000 from Cecil onJanuary 2, 2019. She used the money to start a new business. Cecil does not chargeher interest because she could not afford to pay it, but he does expect to collectthe principal eventually. Sarah is living with Cecil until the business becomes profit-able. Except for housing, Sarah provides her own support from her business and$1,600 in dividends on stocks that she inherited from her mother.Other relevant information is presented below:Expenses on rental townhouse:Utilities$2,800Maintenance1,000Depreciation2,000Real estate taxes750Insurance700• State income taxes paid: $3,500• County personal property taxes paid: $2,100• Payments on estimated 2018 Federal income tax: $5,900• Charitable contributions of cash to Alto Baptist Church: $7,400• Federal interest rate: 6%• Sales taxes paid: $912Compute Cecil's 2019 Federal income tax payable (or refund due).

Pay as you earn system or tax deduction at source in some countries are the advance tax payment…

60. C. Seymour is a 64-year-old widower. He had iñcomé för 2019 ås föllöws: Tax Computa Pension from former employer $39,850 Interest income from Alto National Bank 5,500 Interest income on City of Alto bonds Dividends received from IBM stock held for over one year Collections on annuity contract he purchased from Great Life Insurance 4,500 2,000 5,400 Social Security benefits 14,000 Rent income on townhouse 9,000 The cost of the annuity was $46,800, and Cecil was expected to receive a total of 260 monthly payments of $450. Cecil has received 22 payments through 2019. Cecil's 40-year-old daughter, Sarah C. Seymour, borrowed $60,000 from Cecil on money to start a new business Cecil does not charge lanuary 2 2019 She used

60. C. Seymour is a 64-year-old widower. He had iñcomé för 2019 ås föllöws: Tax Computa Pension from former employer $39,850 Interest income from Alto National Bank 5,500 Interest income on City of Alto bonds Dividends received from IBM stock held for over one year Collections on annuity contract he purchased from Great Life Insurance 4,500 2,000 5,400 Social Security benefits 14,000 Rent income on townhouse 9,000 The cost of the annuity was $46,800, and Cecil was expected to receive a total of 260 monthly payments of $450. Cecil has received 22 payments through 2019. Cecil's 40-year-old daughter, Sarah C. Seymour, borrowed $60,000 from Cecil on money to start a new business Cecil does not charge lanuary 2 2019 She used

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 60CP

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Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
Soong, single and age 32, had the following items for the tax year 2019: Salary of 30,000. Interest income from U.S. government bonds of 2,000. Dividends from a foreign corporation of 500. Sale of small business 1244 stock on October 20, 2019, for 20,000. The stock had been acquired two years earlier for 65,000. Business bad debt of 4,000. Nonbusiness bad debt of 5,000. Sale of small business 1244 stock on November 12, 2019, for 4,000. The stock had been acquired on June 5, 2019, for 800. Sale of preferred stock on December 4, 2019, for 40,000. The stock was acquired four years ago for 18,000. Total itemized deductions of 25,000 (no casualty or theft). a. Determine Soong's NOL for 2019- b. Assuming that Soong had taxable income for each of the last five years, deter mine to which years the 2019 NOL should be applied.
Mason Phillips, age 45, and his wife, Ruth, live at 230 Wood lane, Salt lake City, UT 84101. Masons Social Security number is 111-11-1111. Ruths Social Security number is 123-45-6789. Mason and Ruth arc cash basis taxpayers and had the following items for 2019: Salary of 140,000. Had debt of 30,000 from uncollected rent. Collection of unpaid rent from a prior year of 6,000. Sale of 124-i stock resulting in a loss of 105,000. The stock was acquired eight months ago. Rental income of 60,000 (property is managed by Mason and Ruth). Rental expenses of 33,000. Casualty loss on rental property of 10,000. Personal casualty loss (from one event) of 3,000; not in a Federally declared disaster area. Theft loss of 8,000 on a painting held for investment. Other itemized deductions of 21,000. Federal income tax withheld of 3,000. (Compute Mason and Ruths 2019 Federal income tax payable (or refund due).
In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2019? $26,000 $27,000 $29,000 $32,000