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?

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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.



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