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Presentation/PPT
27/08/2022
49. Comprehensive Problem (Tax Return Problem). David and Doris Kelley were divorced on February 3, 2013. They lived apart during 2013. The divorce decree required David to make the following payments:a. Transfer full title to their jointly owned family home to Doris. Fair market value of the home is $180,000, basis $150,000.b. $1,000 per month mortgage payments on the house, above. The mortgage has 20 years remaining before being fully paid off, but the payments would end on her death.c. $2,000 per month for 10 years’ support payments to Doris, of which $600 per month is child support.d. Doris insisted that the children attend private schools. In 2013, David paid $1,500 in tuition for the children’s private high school. David paid his lawyer $5,000 to represent him in the divorce proceedings. David and Doris agreed that Doris would maintain a home for the children. Further, Doris agreed to allow David to claim one child as a dependency exemption. This agreement was put in writing and signed by Doris. Besides the divorce, David has had a big year financially. He owns an apartment house and he requires each new tenant to place a $750 security deposit with him before moving into the apartment. When the tenant ultimately vacates the apartment, David will refund the deposit. In 2013, David collected $3,750 in security deposits and rental income of $15,000. David entered a local raffle in 2013. David won first prize, which was a new automobile with a window price of $20,000. He checked with several local car dealers and was positive that if he had purchased a similar car on his own, the price would have been $18,200. David loaned his sister Lois $5,000. Lois was repaying the loan at $100 per month plus interest of $40. Since Lois was about to depart on an extended vacation on December 2, 2013, she gave David $200 plus interest of $80 to cover the months of December and January. David has a good job that pays an annual salary of $50,000. In 2013, business was very good and in December 2013 bonuses were announced for the employees. David earned a $4,000 bonus for 2013. Bonuses would be mailed to the employees during the first week of January 2014. David has itemized deductions of $20,000. Determine David’s 2013 taxable income.
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