Week 5 notes - 1 Dividends,annuities,interest,royalties 2...

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1. 3 items that qualify as Portfolio Income? Dividends, annuities, interest, royalties 2. What items never qualify for 1031 exchanges? Stocks, bonds, livestock of different sexes, inventory 3. MFJ – 2009; What is their interest deduction? 10,000 Investment Income 5,000 ccard interest 9,000 home mortg interest 12,000 investment interest paid 19,000 4. Non-cash donations of capital gains property is limited as follows: % of AGI Limitation a. 50%    If cash donation b. 30%   If given to public charity c. 20%   If given to private foundation 5. TP paid these taxes in 2009: State income: 2,000* Fed withholding: 1,000 Home prop tax: 1,200* Sales tax on boat: 1,200  (either/or)
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Prop tax on boat: 1,500* UT vehicle taxes: 250 What is the deduction on schedule A?  3200 & 4700 depending on boat as 2 nd  home  6. TP purchased business equipment 1/1/06 $100,000; 5 yr straight line depreciation was 
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