SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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- Nadia died in 2018 and is survived by her husband, Jerold (age 44); her married son, Travis (age 22); and her daughter-in-law, Macy (age 18). Jerold is the executor of his wifes estate. He maintains the household where he, Travis, and Macy live and furnishes all of their support. During 2018 and 2019, Travis is a full-time student, and Macy earns 7,000 each year from a part-time job. Travis and Macy do not file jointly during either year. What is Jerolds filing status for 2018 and 2019 if all parties reside in: a. Idaho (a community property state)? b. Kansas (a common law state)?arrow_forwardCaden and Lily are divorced on March 3, 2018. For financial reasons, however, Lily continues to live in Cadens apartment and receives her support from him. Caden does not claim Lily as a dependent on his 2018 Federal income tax return but does so on his 2019 return. Explain.arrow_forwardBill and Jane Jones were divorced on January 1, 2018. They have no children. In accordance with the divorce decree, Bill transferred the title of their house over to Jane. The home had a fair market value of 250,000 and was subject to a 100,000 mortgage. Under the divorce agreement, Bill is to make 1,000 monthly mortgage payments on the home for the remainder of the mortgage. In the current year, Bill made 12 mortgage payments. What amount is taxable to Jane in the current year? a. 12,000 b. 250,000 c. 100,000 d. 0arrow_forward
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