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Presentation/PPT
27/08/2022
1) Amos, a single individual with a salary of $50,000, incurred and paid the following expenses during the year:Medical expenses: $5,000Alimony: $14,000Casualty loss (after $100 floor): $1,000State income taxes: $4,000Moving expenses: $1,500Contribution to a traditional IRA: $2,000Student loan interest: $1,200Analyze the above expenses and determine which ones are deductible for AGI. Please support your position.2) Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners?3)John forms a corporation and transfers property having a basis to him of $18,000 and a fair market value of $26,000 to the corporation for 1,000 shares of $10 par stock. One year later, Hal transfers property having a basis to him of $2,500 and a fair market value of $3,500 for 100 shares of the stock. Hal is not related to John. The corporation issued no other stock.a. How much gain does John recognize on his exchange? What is the basis to John of his 1,000 shares?b. What gain or loss is recognized by the corporation when it issues its shares to John? What is the basis to the corporation of the property it received from John?c. How much gain does Hal recognize on his exchange? What is the basis to Hal of his 100 shares?4) XYZ Company had a net loss of $90,000 from operations in 2007. Tina owns XYZ and works 20 hours a week in the business. She has a large amount of income from other sources and is in the 33% marginal tax bracket. Would Tina’s tax situation be better if XYZ were a proprietorship or a C-corporation? Explain why.5)Leon sold a piece of business equipment that had an adjusted basis to him of $70,000 for $87,000 cash plus artwork that had a fair market value of $23,000. The buyer assumed Leon’s $28,000 loan on the equipment. Leon paid $6,000 in selling expenses.a. What is Leon’s recognized gain?b. Identify and describe the general formula for calculating the adjusted basis of property.6) Carl had the following transactions for 2006:Salary: $55,000Damage award (compensatory) for city bus accident: $20,000Loss on sale of stock investment: $4,500Loan from father to purchase auto: $10,000Alimony paid to ex-wife: $11,000What is Carl’s AGI for 2006?
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