During 2022, a divorced taxpayer with no dependents received or paid the following in 2022:   1. Wages (teacher) 2. Municipal bond interest 3. Qualified dividends 4. Inheritance from mother 5. Student loan interest paid 6. Gambling winnings 7. Gambling losses 8. Unemployment compensation 9. HCC tuition scholarship 10. Alimony paid to ex-spouse (divorced 2021) 11. Qualifying medical expenses 12. State income tax withholding 13. Personal property taxes on car 14. Charitable contributions 15. Rental property expenses   Required: Using the letter code only, identify the tax treatment for each of the above numbered items as (a) inclusion, (b) exclusion, (c) for AGI deduction, (d) itemized deduction, (e) not deductible, (f) preferred tax treatment.  More than one letter code may apply to a given numbered item.  If a limitation applies to any of the numbered items, state the primary relevant dollar or percentage limitation.

Kenneth owns Sheffield Company and has the following revenue and expenses. Calculate the after-tax net profit (ignoring self-employment tax) for Kenneth who is single in 2023. Taxable revenue received $117,000 Tax-exempt revenue received $15,000 Deductible expenses paid $23,000 Non- deductible expenses paid $5,000

Identify in which situation income was constructively received in 2022. Situation A taxpayer received a check on December 31, 2022. Deposited the check to their bank account on January 1, 2023. A taxpayer sold their home on December 20, 2022. Payment was received from the escrow company on January 5, 2023. A taxpayer's employer offers the taxpayer the option to receive their year-end bonus on either December 15, 2022 or January 15, 2023. The taxpayer chooses to defer it to January 15, 2023. A taxpayer who performs consulting services was informed by a client that a check for services they had performed was ready to be picked up on December 15, 2022. However, the taxpayer was on vacation and unable to pick it up until January 3, 2023. Was income constructively received? (Yes/No)

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Yanni, who is single, provides you with the following information for 2021: Salary State income taxes Mortgage interest expense on principal residence Charitable contributions. 2,564 Interest income 1,923 Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following: a. Yanni's taxable income: b. Yanni's AMT base: $128,200 12,820 11,538 c. Yanni's tentative minimum tax: X Incorrect

How does the tax benefit rule apply in the following cases? Question Content Area a.  In 2021, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,000 to Sammy. The cost of the furniture was $600. In 2022, Orange took a bad debt deduction for the $1,000. In 2023, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2021, the 12% marginal tax bracket in 2022, and the 35% marginal tax bracket in 2023. Orange Furniture must include $fill in the blank 6af05cfde02efa1_1 in gross income as the recovery of a prior deduction. The timing of the income and deductions cost Orange $fill in the blank 6af05cfde02efa1_2.   Question Content Area b.  In 2022, Marvin, a cash basis taxpayer, took a $2,000 itemized deduction for state income taxes paid; the deduction was not limited by the SALT cap. This increased his itemized deductions to a total that was $800 more than the…

A taxpayer lives in California, a state that imposes a tax on income. The following information relates to the taxpayer's state income taxes for 2022: Taxes withheld in 2022 $ 3,000 State refund received in 2022 from the 2021 tax return 300 Additional assessment paid in 2022 on the 2020 tax return 800 Assuming this taxpayer elects to deduct state and local income taxes, what amount should she use as an itemized deduction for state and local income taxes for her 2022 federal income tax return?

Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax  (due/refund) rounded to the nearest whole dollar of $.

The Chungs are married with one dependent child. They report the following information for 2022: Schedule C net profit $ 66,650 Interest income from certificate of deposit (CD) 2,100 Self-employment tax on Schedule C net profit 9,418 Dividend eligible for 15% rate 12,000 Lila Chung's salary from Brants Company 75,000 Dependent care credit 500 Itemized deductions 27,000 Required: Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount.