Jeff Johnson received the following amounts during the yea T4 Box 14: $5,800 o Tips not included on T4: $400 o Inheritance: $12,000 What is Jeff's total income (Line 15000)? A-$5,800 B-$6,200 C-$17,800 D-$18,200
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- Accounting 1. Sally has the following for 2021: a $12,000 § 1245 gain a $38,000 § 1231 gain a $36,000 § 1231 loss a $2,000 § 1231 lookback loss a $18,000 long-term capital gain a $3,500 long-term capital loss. a. Determine her ordinary gain or loss amount for 2021. Enter an absolute amount. b. Determine her LTCG or LTCL amount for 2021. Enter an absolute amount. 23. Molly exchanges a rental building, which has an adjusted basis of $625,000, and FMV of $715,000 for another rental house which has a fair market value of $565,000. She also receives $150,000 in cash. What is the recognized gain or loss the new rental house?A family has a net worth of $165,000 and liabilities of $176,000. What is the amount of their assets? Group of answer choices $11,000 $165,000 $176,000 $341,000 $506,000Ronald purchased a computer on March 4, 2023 for $3,200 for use in his accounting practice. How much can he deduct in 2023? $3,200 $1,600 $640 $0
- On December 25, 1985, Peter and Andrea De Guzman were married. On June 12, 2020 Andrea died. On January 10, 2021, the inventory of their assets registered as follows: Acquired before marriage Peter Andrea Car P800,000 P550,000 Inherited land 2,000,000 Cash 500,000 Acquired during marriage Peter Andrea Cash P250,000 P350,000 Fruits from inherited land 500,000 These are in addition to a family home worth P12,800,000 and a farm worth P15,000,000 which they acquired jointly. Compute for the estate tax due provided that the following ordinary deductions were accounted: Funeral expenses P350,000 Unpaid mortgages 400,000 Required: 1. Compute for the estate tax due using 6% flat rate. 2. Justify the basis of computation, use the rules for married decedent as reference.Justine Kofos purchased a house for $700,000 in Victoria for. The stamp duty payable is : Select one: a. $2,870 b. $44,870 c. $37,070 d. $26,990On 1 July 2019 Melissa acquired an antique Camel statue for $300 which she kept in the hallway of her house. 01 December 2020 she sold it for $4,300 Required Calculate the Net Capital Gain, if any, to be included as Melissa's assessable income for the year ending 30 June 2021 For all answers (unless otherwise indicated), please round your answer to the nearest dollar and use numerals only eg 9999 Answer: Check
- H1. profile-image Carlos owns a property which he has rented. During 2021, the property generated $24,000 in rental income. Carlos incurred the following expenses related to rental operations: • Depreciation $5,000 • Real estate tax 2,000 Utilities (water and electricity) Maintenance 3,000 • Boat expenses which Carlos uses to 1,500 meet clients and sign contracts 5,500 Determine the net income from rental operations that Carlos will include in his individual income tax return. Submit your computations.Required information Skip to question [The following information applies to the questions displayed below.] Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart’s gross income. (Leave no answer blank. Enter zero if applicable.) a. Thelma gave Bart an auto worth $26,500. Thelma purchased the auto three years ago for $20,750.Problem 6-51 (LO 6-2) (Algo) Skip to question [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.
- Hw.19. Sophia sold a painting that she held as an investment on an online auction website for $100. She bought the painting for $20 at a garage sale years ago. Sophia should report what amount as a capital gain on her Schedule D (Form 1040)? A. $0 B. $20 C. $80 D. $100■ | ■ ■ - On 1 July 2019 Mary acquired a leather sofa for $21816. Mary borrowed $29,000 of the money from XYZ Bank. Answer: 598 The loan was a fixed interest loan on which Mary paid interest of $5,000. Mary sold it in September 2019 for $35403. Required: Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that FANG SE AN income year IN LA 700 ■ 7 W ■ ■ ■ ■ - ■ MASONS, IPOLITA BOTTELS ■ P ■ … ■ ■ " ■ ■ ■ ■ P ☐ ■ ■ ■ L* CengageNOWv2 | Online teachin x Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Problem 13-56 (LO. 3) Margo receives a gift of real estate with an adjusted basis of $175,000 and a fair market value of $100,000. The donor paid gift tax of $15,000 on the transfer. If an amount is zero, enter "0". If Margo later sells the property for $110,000, what is her recognized gain or loss? Margo's basis for a gain is $ and her basis for a loss is $ If Margo later sells the property for $110,000, her recognized gain or loss is $ Next Previous 10:58 PM Check My Work