4) Your uncle visited you on the last holiday. You had a conversation over dinner with him on how much you have learned at CCRI. He was very impressed with you, and in January he called to ask if you could help him file his taxes. Your uncle earned wages of $86,400, won $350,000 on a scratch ticket, and contributed $50,000 to a tax-deferred savings plan. He is entitled to a personal exemption of $4050 and a standard deduction of $6300. The interest on his home mortgage was $9200 and he contributed $95,000 to charity. Now that you know this information, your task is to compute the following: Gross income, the adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.

Josh is a MFJ taxpayer and decides to return to school to get a graduate degree at night school while still working his full-time job. He is able to take class part time. Josh and his husband have an AĞI of $124,000, his tuition costs were $15,000, and his books are $1,500. Josh already attended four years of college and used the American Opportunity Tax Credit all four years. How much of a LTL tax credit is he eligible to take in 2020? Group of answer choices $1,500 $2,000 $1,000 None of these amounts.

Larry purchased an annuity from an insurance company that promises to pay him $6,500 per month for the rest of his life. Larry paid $626,340 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $6,500 this month. Use the expected number of payments in Exhibit 5-1 for this problem.   Problem 5-59 Part-c (Algo) c. What are the tax consequences if Larry dies just after he receives the 100th payment?

Elizabeth makes the following interest-free loans during the year. Assume that tax avoidance is not a principal purpose of any of the loans. The relevant Federal rate is 5% and that the loans were outstanding for the last six months of the year. Borrower's Net Borrower Amount Investment Income Purpose of Loan Richard $5,000 $800 Gift Woody $8,000 $600 Stock purchase Irene $105,000 $0 Purchase principal residence By how much do each of these loans increase Elizabeth's gross income? If an amount is zero, enter "0". a. Richard is not subject to the imputed interest rules because the $10,000 gift loan exception does apply. Elizabeth's gross income from the loan is $ 0 b. The $10,000 exception does not income producing apply to the loan to Woody because the proceeds were used to purchase assets. Although the $100,000 exception applies to this loan, the amount of imputed interest is 1,000 X.Incorrect is $ 0 ✓. c. None of the exceptions apply gross income from the loan is $ to the loan to…

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