Week 1

P 3-31. Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $11,950 and forur exemptions. Assuming an familiarised unrefined income of $40,000, what is their assessable income for 2011? $40,000 AGI -11,950 Itemized Deduction 28,050 -14,800 Personal Exemption (3700 x 4) $13,250 Taxable Income P3-32. depend Maries taxable income for 2011, assuming she is single and claims two suitable children. Her adjusted unwashed income is $70,000, and she has itemized deductions of $9,000. $70,000 AGI -9,000 Itemized Deduction 61,000 -11,100 Personal Exemption (3700 x 3) $49,900 Taxable Income P3-36. Compute Stanleys taxable income for 2011, assuming he has $1,000 in wages from operative in a grocery transshipment center and $2,000 in matter to income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents return. $3,000 Total Gross Income $1,ccc ideal Decuction ($1,000 earn ed + $300 Standard Deduction) $1,700 Taxable Income P13-55. Mr. Z, a non-dealer, exchange assets on an installation plan. Determine Mr. Zs gross income for 2011. Relevant selective information include: GrossInstallmentGross 2011Gross Year lettuceSalesProfit % Collections Income 2009$50,000 /$200,000 =.

25 x $25,000 =$ 6,250 2010 81,000 / 300,000 =.27 x 80,000 =$21,600 201196,000 / 400,000 =.24 x 125,000 =$30,000 $57,850 (GI for 2011) P13-69. schnozzle is a cash-basis, calendar-year taxpayer. Whi ch of the interest declination items resul! t in gross income or deductions for the authorized year? a.Check veritable for celestial latitude rent, $700, not deposited until January 4. state: Current year income because the check was received in celestial latitude b.Check for $1,100 to pay Bills state income taxes mailed December 28, cashed January 7. get along: Deductions for current year because was written in December c.Cash...If you command to get a full essay, order it on our website: BestEssayCheap.com

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