Be allocated between the rental and the personal days

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be allocated between the rental and the personal days.
34. Daniel is single and has the following income and expenses in 2012: Salary income $60,000 Net rent income 6,000 Dividend income 3,500 Payment of alimony 12,000 Mortgage interest on residence 4,900 Property tax on residence 1,200 Contribution to traditional IRA 5,000 Contribution to United Church 2,100 Loss on the sale of real estates (held for investment) 2,000 Medical expenses 3,250 State income tax 300 Federal income tax 7,000 a. Gross income:
b. Itemized deductions:
54. Elisa and Clyde operate a retail sports memorabilia shop. For the current year, sales revenue is $55,000 and expenses are as follows: Cost of goods sold $21,000 Advertising 1,000 Utilities 2,000 Rent 4,500
Insurance 1,500 Wages to Boyd 8,000 Elisa and Clyde pay $8,000 in wages to Boyd, a part-time employee. Because this amounts is $1,000 below the minimum wage. Boyd threatens to file a complaint with the appropriate Federal agency. Although Elisa and Clyde pay no attention to Boyd’s threat. Chelsie (Elisa’s mother) gives Boyd a check for $1,000 for the disputed wages. Both Elisa and Clyde ridicule Chelsie for wasting money when they learn what she has done. The retail shop is the only source of income for Elisa and Clyde. a. Calculate Elisa and Clyde’s AGI.

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