CHAPTER 8 HW
Robert purchased and placed in service $100,000 of seven-year class assets on August
10 of the current year. He also purchased and placed in service $500,000 of five-year
class assets on November 15 of the current year. He elects not to t
CHAPTER 3 HW
Which of the following items are inclusions in gross income?
b) Amount an off-duty motorcycle police officer received for escorting a funeral
c) While his mother was in the hospital, the taxpayer sold her jewelry and gave the
CHAPTER 9 HW
20. In each of the following situations, indicate whether there is a cutback adjustment.
a. Each year, the employer awards its top salesperson an all-expense-paid trip to Jamaica. (nondeductible)
b. The employer has a cafeteria for its employ
CHAPTER 4 HW
On December 29, 2014, an employee received a $5,000 check from her employers client.
The check was payable to the employer. The employee did not remit the funds to the
employer until December 30, 2014. The employer deposited the check on D
CHAPTER 7 HW
Bob owns a collection agency. He purchases uncollected accounts receivable from
other businesses at 60% of their face value and then attempts to collect these accounts.
During the current year, Bob collected $60,000 on an account with a fa
CHAPTER 1 HW
7. Distinguish between taxes that are proportional and those that are
Proportional tax - it is a tax where the rate of taxation is fixed as 10%, 15% or
25% and proportional tax applies the same tax rate across low, middle and hig
CHAPTER 14 HW
11. Distinguish between the terms allowed depreciation and allowable depreciation. What effect
does the difference have on adjusted basis?
The allowed depreciation is depreciation actually taken.
The allowable depreciation is the amount that
26.Explain how the following are determined on the sale or exchange of a principal residence:
a. Realized gain.
A realized gain from the sale of personal residence is subject to taxation.
The amount realized is the selling price less the sellin
CHAPTER 11 HW
4. Roberto invested $18,000 in a chicken production operation. Using nonrecourse notes, the
business purchases $120,000 worth of grain to feed the chickens. If Robertos share of the
expense is $26,000, how much can he deduct?
Roberto can ded
CHAPTER 10 HW
28. Ignoring the 10% floor, what is the total of Susan`s expenses that qualifies for
the medical expense deduction?
Surgery for Beth
Red River Academy charges for Beth:
Room, board, and other expenses
CHAPTER 5 HW
Leonards home was damaged by a fire. He also had to be absent from work for several
days to make his home habitable. Leonards employer paid Leonard his regular salary,
$2,500, while he was absent from work. In Leonards pay envelope was the
CHAPTER 6 HW
Classify each of the following expenditures as a deduction for AGI, a deduction from AGI, or not
a. Sam gives to his father as a birthday gift. (NOT DEDUCTIBLE)
b. Sandra gives to her church. (DEDUCTION FROM AGI)
c. Albert pays