Homework Week 2 - Salary $45,000 Interest 800 Dividends 500...

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Submitted By: Shameika Brown Week 2: Gross Income, Exclusions, and Deductions- Assignments Homework: Problems: 4-25, 4-32, 4-38, 6-29, and 6-34. 4-25 Rent received in January 2008 for December 2007- 5,000 Rent received in December 2008 for January 2009-4,000 Security deposit not accounted for because it is subject to be refunded. 4-32 (a) Wife assumes tax basis and husband will not have an tax liability (b) no effect on tax (c) tax deduction of $1,500 monthly on husband’s income tax and income needs to be reported in the amount of $1,500 monthly. Child support is not tax deductible nor taxable 4-38 Gross income—
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Unformatted text preview: Salary $45,000 Interest 800 Dividends 500 Rental income 3,500 6-29 1. Stock loss—Yes; an itemized deduction 2. Hobby loss— Yes; an itemized deduction 3. Gambling losses--Not deductible. 4. Loss on sale of stock in individual’s investment portfolio Yes; an itemized deduction 5. Not deductible; unrealized loss 6. Loss on sale of personal automobile--not deductible. 6-34 1 Submitted By: Shameika Brown As a general rule a taxpayer is not permitted to deduct the payment of expenses incurred by another taxpayer, thus the father can not deduct the interest expense that he paid for his son. 2...
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This note was uploaded on 03/19/2010 for the course FI 515 FI 515 taught by Professor Senn during the Spring '10 term at Keller Graduate School of Management.

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Homework Week 2 - Salary $45,000 Interest 800 Dividends 500...

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