Homework_Set_ 4 - Homework Set #4 Judd Tax 4001 Fall 2010...

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Homework Set #4 Judd Tax 4001 Fall 2010 1. Scott loaned his brother Jon $13,000 three years ago. Jon has never made a payment to Scott; Scott has never attempted to collect from Jon either. This year, Jon filed bankruptcy and told Scott that he would not be able to repay the $13,000 loan. Determine Scott’s tax treatment for the loan in the current year – the year of Jon’s bankruptcy. 2. Jack and Sandy file a joint return. For the current year, they had the following items: Salaries 165,000 Loss on § 1244 stock acquired three years ago 67,000 Gain on § 1244 stock acquired ten months ago 21,000 Nonbusiness Bad Debt 25,000 Determine the impact of the above items on Jack & Sandy’s taxable income for the current year. 3. Alex, Inc. has the following items of income and expense during 2009: Gross Receipts from business 150,000 Business Deductions 185,000 NOL from 2008 27,000 Interest Income 18,000 –Determine Alex, Inc.’s taxable income for 2009 –Determine Alex, Inc.’s NOL carryover from 2009 4. In the current year, Kristi invests $33,000 for an interest in a partnership engaged
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This note was uploaded on 12/07/2010 for the course ACG 3361, 4401 taught by Professor Goldwater,canada,judd,byrd,theniel during the Spring '10 term at University of Central Florida.

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Homework_Set_ 4 - Homework Set #4 Judd Tax 4001 Fall 2010...

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