Entries by Grace Wahito

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During 2015, Dave, a single taxpayer, 39 years old

During 2015, Dave, a single taxpayer, 39 years old, had Schedule C income of $84,000. His self-employment tax was $8,000. He also had itemized deductions of $4,000. What is Dave’s AGI? What is Dave’s taxable income?   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

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Nancy gives her grandson, Sean, 20 acres of land

Nancy gives her grandson, Sean, 20 acres of land. Her tax basis in the land is $25,000. Nancy’s marginal tax rate for the current year is 45%; her grandson’s is 25%. Its fair market value was $575,000 at the date of the transfer. If the gift tax rate is 40% and she has never made […]

 

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Ms. Imo, who is single, purchased her first home in 1991 for $85,000, and sold it in May 2000 for $178,500

Ms. Imo, who is single, purchased her first home in 1991 for $85,000, and sold it in May 2000 for $178,500. She purchased her second home in July 2000 for $385,000 and sold it this year for $700,000. a. Compute Ms. Imo’s taxable gain on the 2000 sale and on this year’s sale. b. Compute […]

 

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