Tax Module a few Assignment

 Tax Component 5 Project Essay

9/22/2014

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Assignment: Module 05 Assignment

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Discussion Issue 6-4

Deductions for and from AGI (LO. 1)

Classify each one of the following expenses as a deduction for AGI, a discount from AGI, or not deductible. Disregard any conceivable limitations. a. Sam gives $5, 500 to his father like a birthday surprise.

_________________

b. Sandra offers $1, 1000 to her cathedral.

_________________

c. Albert compensates Dr . Dafashy $500 to get medical providers rendered.

_________________

d. Mia pays dole of $12, 000 to Bill.

_________________

e. Rex, who is self-employed, contributes $1, 000 to his pension plan plan.

_________________

f. Apr (the landlord) pays expenses of $500 associated with her rental property.

_________________

2 .

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Conversation Question 6-5

Deductions for and from AGI (LO. 1)

Sort each of the pursuing expenditures being a deduction for AGI, partly deductible intended for AGI, a deduction from AGI, partly deductible coming from AGI, or perhaps not deductible:

a.

Amos contributes to his H. 3rd there’s r. 10 plan (i. e., a pension plan for a self-employed individual). _________________

w.

Keith will pay child support to his former better half, Renee, intended for the support of their child, Chris. _________________

c.

Judy pays specialist dues which might be reimbursed by her company. Assume that sufficient reporting is made.

d.

_________________

Ted pays off $500 as the regular monthly mortgage payment in the personal house. Of this volume, $100 presents a repayment on principal, and $400 represents an interest payment.

electronic.

_________________

Lynn pays a moving company intended for moving her household products (a competent moving expense) to Detroit, where she actually is starting a brand new job. She is not returned by her employer.

farrenheit.

_________________

Ralph pays house taxes in the personal home.

_________________

3.

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Discussion Problem 6-19

Illegal Activities (LO. 3)

Bela operates a drug-running procedure. Indicate whether the following bills are insurance deductible or not deductible in determining taxable income.

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9/22/2014

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a.

Bribes paid to border protections.

_________________

n.

Salaries to employees.

_________________

c.

Value paid for medicines purchased to get resale.

_________________

d.

Kickbacks to authorities.

_________________

e.

Rent on an office.

_________________

f.

Depreciation on office furniture and equipment.

_________________

g.

Tenant's injury insurance.

_________________

h.

Ammenities.

_________________

4.

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Discussion Question 6-20

Politics Contributions (LO. 3)

Gordon anticipates that being positively perceived by the individual who can be elected mayor will be necessary for his organization. Therefore , he contributes to the campaigns of both the Democratic and the His party candidates. The Republican candidate is elected mayor. Can Gordon deduct any of the politics contributions he made? _________________

your five.

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Discussion Query 6-28

Transformation of a Residence to Rent house (LO. 3)

Hank was transferred from Phoenix to North Dakota on 03 1 of the current year. This individual immediately put his home in Phoenix, arizona up for rent. The home was rented May 1 to November...