Federal Taxation Homework Week 6

Chapter 10

4.         LO.2, 9 Jerry and Ernie are comparing their tax situations.  Both are paying all of the nursing home expenses of their parents.  Jerry can include the expenses in computing his medical expense deduction, but Ernie cannot.  What explanation can you offer for the difference?

Don't use plagiarized sources. Get Your Custom Essay on
Federal Taxation Homework Week 6
Just from $5/Page
Order Essay

12.       LO.5, 9 Diane owns a principal residence in Georgia, a townhouse in San Francisco, and a yacht in Cape Cod.  All of the properties have mortgages on which Diane pays interest.  What are the limitations on Diane’s mortgage interest deduction?  What strategy should Diane consider to maximize her mortgage interest deduction?

35.       LO.6 Nadia donates $4,000 to Eastern University’s athletic department.  The payment s guarantees that Nadia will have preferred seating near the 50-yard line.

a.         Assume that Nadia subsequently buys for $100 game tickets.  How much can she deduct as a charitable contribution to the university’s athletic department?

b.         Assume that Nadia’s $4,000 donation includes four $100 tickets.  How much can she deduct as a charitable contribution to the university’s athletic department?

41.       LO.6, 9 In December each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization).  Eleanor, who is in the 28% marginal tax bracket, is considering the following alternatives for satisfying the contribution.

Fair Market Value

(1) Cash Donation                                                                               $23,000

(2) Unimproved land held for six years ($3,000 basis)                       23,000

(3)  Blue Corporation stock held for eight months ($3000 basis)       23,000

(4) Gold Corporation stock held for two years ($28,000 basis)         23,000

Eleanor has asked you to help her decide which of the potential contributions listed above will be most advantageous tax wise.  Evaluate the four alternatives and write a letter to Eleanor to communicate your advice to her.  Her address is 2622 Bayshore Dive, Berkeley, CA  94709.

44.       LO.2, 3, 4, 5,6,7,8 for calendar year 2014, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000, their itemized deductions are as follows:

Casualty loss after $100 floor (not covered by insurance)                 $48,600

Home mortgage interest                                                                       19,000

Credit card interest                                                                                   800

Property taxes on home                                                                      16,300

Charitable contributions                                                                      28,700

State income tax                                                                                  18,000

Tax return preparation fees                                                                   1,200

Calculate the amount of itemized deductions the Gibson’s may claim for the year.

 

 

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We are committed to making our customer experience enjoyable and that we are keen on creating conditions where our customers feel secured and respected in their interactions with us.
With our qualified expert team who are available 24/7, we ensure that all our customer needs and concerns are met..

Money Payback-back guarantee

Our refund policy allows you to get your money back when you are eligible for a refund. In such a case, we guarantee that you will be paid back to your credit card. Another alternative we offer you is saving this money with us as a credit. Instead of processing the money back, keeping it with us would be an easier way to pay for next the orders you place

Read more

Zero-plagiarism guarantee

All orders you place on our website are written from scratch. Our expert team ensures that they exercise professionalism, the laid down guidelines and ethical considerations which only allows crediting or acknowledging any information borrowed from scholarly sources by citing. In cases where plagiarism is confirmed, then the costumier to a full refund or a free paper revision depending on the customer’s request..

Read more

Free-revision policy

Quality is all our company is about and we make sure we hire the most qualified writers with outstanding academic qualifications in every field. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

We understand that students are not allowed to seek help on their projects, papers and assignments from online writing services. We therefore strive to uphold the confidentiality that every student is entitled to. We will not share your personal information elsewhere. You are further guaranteed the full rights of originality and ownership for your paper once its finished.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency