Ch 6 HW Solutions

Ch 6 HW Solutions - Chapter 6 Homework Solutions 4 For AGI...

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Chapter 6 Homework Solutions 4. a. For AGI. p. 6-5 b. From AGI. p. 6-5 c. For AGI. p. 6-4 d. From AGI. p. 6-5 e. Not deductible. Since the personal residence is not used in a trade or business or held for the production of income, the cost of the insurance is not deductible. pp. 6-4 to 6-6 10. a. Deductible. b. Not deductible because it is a personal use asset. c. Deductible. d. Deductible as a casualty loss to a personal use asset. However, since the asset is a personal use asset, the loss is subject both to a $100 ($500 in 2009) per casualty limit and a 10%-of-AGI floor for the taxable year. e. Deductible. p. 6-8 18. No. Legal fees incurred in connection with a criminal defense are deductible only if the crime is associated with the taxpayer’s trade or business or income- producing activity. Since Stuart does not satisfy this requirement, the attorney’s fee is not deductible. p. 6-13 21. Carmine may not deduct any of the political contribution (i.e., $6,000). Generally, lobbying expenditures cannot be deducted, but an exception applies for influencing local legislation. Therefore, Carmine may deduct the $5,000 payment
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