ion from the trust. Julie had no other sources of income for the year. Who is liable for tax on Julie's trust income? a. Her parents b. Julie

c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. AGI Less: Standard deduction Taxable income AGI Less: Standard deduction d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650. Taxable income $75,000 AGI Less: Standard deduction 24,000 X Taxable income 50,600 X $58,000 26,850 X e. Chang, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as Chang's dependent. Chang has AGI of $64,000 and itemized deductions of $9,900. 31,150 X $64,000

Subject:- accounting

In the current year K gifted shares of a public corporation to his spouse. The shares, that originally cost $15,000, had a value of $20,000 at the time of the gift. During the year, K's spouse received an eligible dividend of $600 from the public corporation. What amount, if any, is included in K's net income for tax purposes in the current year?

The Bell Family Trust (Bell Trust) was established by Mr. Bell for the purposes of the education and wellbeing of his family. In the last financial year Emma (aged 37) as Trustee made distributions from the trust account to herself, John (aged 20) and Edward (aged 17) under her discretion as trustee. Emma reports to you, her tax advisor, the following information: Distributions Emma $145,000 John $105,000 Edward $80,000 Retained in trust $10,000 Additional information: Emma works as a Social Media consultant and also had $150,000 in salary and $12,500 in work related expenses. John is a fulltime university student with no other income. Edward attends a private boarding school. $75,000 of his trust distribution pays his school fees. Explain the tax obligations for Emma, John, Edward and the undistributed income retained in the trust account?

Lane is single and has two dependent children. Financial records show the following items in the current year: Gift from a friend Dividends received on stock $12,000 $1,200 $1,000 $35,000 $6,000 $12,000 Price won in state lottery Salary from employer Child support received from ex-spouse Alimony received from ex-spouse How much is Lane's adjusted gross income for the current year? a. $47,000. b. $48,200. c. $49,200. d. $67,200.

Doreen is single and has three dependent children aged 12, 14 and 16. The children are full time students and have no income. Doreen is not entitled to SAPTO. Her income for the 2022 year is as follows:Doreen$60,877 Taxable Income$29,999 RFBA (exempt employer)$ 5,200 RESC$22,344 HELP DebtWhat will Doreen’s compulsory HELP Debt Repayment be for the 2022 year?

During the year, Mitchell, a single taxpayer, gave the following gifts: $10,000 cash to his nephew $20,000 tuition paid for his 24-year-old daughter, paid directly to the State University $20,000 cash to his brother 50 shares of stock to his niece valued at $200 a share Assume an annual gift exclusion of $17,000. In filing his annual gift tax return, what is the amount of his taxable gifts?

In 2022, K, age 12, received a gift of stocks and bonds from K's uncle Hal. K had interest income of $900, dividend income of $4,000, from the stocks and bonds during 2022 and also earned $1,000 from walking dogs in the neighborhood. K's parents have taxable income of $80,000 and file a joint return. K had no expenses and files K's own return. What is K's a. Gross Income b. Net Unearned Income c. Tax Due

2. Six years ago, Alvin loaned his prospective brother-in-law, Bruno, $20,000. The money was used to help Bruno pay for the wedding to Alvin's sister Kitty. Shortly after the wedding, it was discovered that Bruno was already married to someone else. Before Bruno could be indicted for bigamy, he disappeared and has not been heard from since. In the current year, Alvin dies still holding onto Bruno's note. For tax purposes, what do you suggest as to the handling of Bruno's note?