1) Norm purchases a new sports utility vehicle (SUV) on October 12, 2014, for $50,000.

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1) Norm purchases a new sports utility vehicle (SUV) on October 12, 2014, for $50,000. The SUV has a gross

vehicle weight of 6,200 lbs. It is used 100% of the time for business and it is the only business asset acquired by Norm during 2014. Compute the maximum deduction with respect to the SUV for 2014. If Congress reenacts additional first-year depreciation for 2014, Norm elects not to take additional first-year depreciation.

2) Ollie owns a personal use car for which he originally paid $42,000. He trades the car in on a sport utility vehicle (SUV), paying the automobile dealer cash of $24,000. If the negotiated price of the SUV is $45,000, what is Ollie’s recognized gain or loss and his adjusted basis for the SUV?

 
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Karen had the following transactions for 2014:

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1) Karen had the following transactions for

2014:

Salary                                                                            $  90,000

Moving expenses incurred to change jobs                                 $8,000

Inheritance received from deceased uncle                             $300,000

Life insurance proceeds from policy on uncle’s life (Karen was

named the beneficiary)                                                 $200,000

Cash prize from church raffle                                                  $1,000

Payment of church pledge                                                      $3,000

What is Karen’s AGI for 2014?

2) Rocky has a full-time job as an electrical engineer for the city utility. In his spare time, Rocky repairs TVs in the basement of his personal residence. Most of his business comes from friends and referrals from former customers, although occasionally he runs an ad in the local suburban newspaper. Typically the TVs are dropped off at Rocky’s house and later picked up by the owner when notified that the repairs have been made.
The floor space of Rocky’s residence is 2,500 square feet, and he estimates that 20% of this is devoted exclusively to the repair business. Gross income from the business is $12,000, and expenses (other than home office) are $5,000. Expenses relating to the residence are as follows:
Real property taxes                                                                           $4,500
Interest on home mortgage                                                               $8,000
Operating expenses of residence                                                      $3,000
Depreciation (based on 20% business use)                                      $500
What is Rocky’s net income from the repair business?

 
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In 2013, Emily invests $100,000 in a limited partnership that is not a passive activity

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In 2013, Emily invests $100,000 in a limited partnership that is not a passive activity. During 2013, her share of

the partnership loss is $70,000. In 2013, her share of the partnership loss is $50,000. How much can Emily deduct in 2013 and 2014?

 
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Hello I need help ( Accounting Information System) CASE 7-1 The Greater Providence Deposit & Trust Embezzlement I have attach the case 7/1 I need short answer 8 questions at the end of the case.

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Hello I need help ( Accounting Information System)

CASE 7-1 The Greater Providence Deposit & Trust

Embezzlement

I have attach the case 7/1

I need short answer 8 questions at the end of the case.

In a word document.

CASE 7-1 The Greater Providence Deposit &TrustEmbezzlementNino Moscardi, president of Greater Providence Deposit &Trust (GPD&T), received an anonymous note in his mailstating that a bank employee was making bogus loans.Moscardi asked the bank’s internal auditors to investigatethe transactions detailed in the note. The investigationled to James Guisti, manager of a North Providencebranch oFce and a trusted 14-year employee who hadonce worked as one of the bank’s internal auditors. Guistiwas charged with embezzling $1.83 million from the bankusing 67 phony loans taken out over a three-year period.Court documents revealed that the bogus loans were 90-day notes requiring no collateral and ranging in amountfrom $10,000 to $63,500. Guisti originated the loans;when each one matured, he would take out a new loan, orrewrite the old one, to pay the principal and interest due.Some loans had been rewritten ±ve or six times.The 67 loans were taken out by Guisti in ±ve names,including his wife’s maiden name, his father’s name, andthe names of two friends. These people denied receivingstolen funds or knowing anything about theembezzlement. The ±fth name was James Vanesse, whopolice said did not exist. The Social Security number onVanesse’s loan application was issued to a female, andthe phone number belonged to a North Providence autodealer.Lucy ²raioli, a customer service representative whocosigned the checks, said Guisti was her supervisor andshe thought nothing was wrong with the checks, though
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