Sonja is considering the purchase and renovation of an old building. She has heard about the tax credit for rehabilitation expenditures but does not know the specific rules applicable to the credit. Explain the most important and relevant provisions for he

You are Melina’s CPA, she to whom Walter “Buck” Swords left $50,000 and a used car in his will. What do you advise Melina as to her tax return – i.e., that she should report (include in her gross income) – both the $50,000 and the value of the car? the cash but not the car? the car but not the cash? neither the cash nor the car? What and why?

In the context of estate planning, it is correct to say that: * Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death. State laws always determine the distribution of our estate after our death. Once we cannot predict the future, we should plan our estate only a little before our death. The executor is a person who assumes responsibility for providing childrem with personal care and managing the deceased's estate for them.

Rosina can withdraw from her Registered Retirement Savings Plan (RRSP) with no tax impact but if she withdraws from her Tax-Free Savings Account (TFSA) she must include the amount on her tax return and pay taxes on it unless she uses the funds under the following two plans: Home Buyers Plan and Lifelong Learning Plan. A True False

Which of the following is a requirement for a taxpayer who wishes to claim the special allowance for rental real estate? They must:  (a) Actively participate in the rental real estate activity.  (b) Materially participate in the rental real estate activity.  (c) Personally participate in the rental real estate activity.  (d) Significantly participate in the rental real estate activity.

Sharp Accounting rents a floor in an office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form     Provides a lower premium rate than direct property insurance on the covered real property.     Contains a coinsurance condition that applies to property in Sharp's custody.     Contains a deductible that applies to damage caused by Sharp.     Provides coverage for property of others in Sharp's custody regardless of fault.

Ac. Which of the following statements regarding the home office deduction is true? In order to qualify for the deduction, a portion of the taxpayer's home must be used regularly and exclusively to meet with clients or customers. A home office deduction is not allowed for using the home office for administrative or management activities only. The home office deduction is limited to the taxable income of the business before the deduction. A depreciation deduction is not allowed for a home office.

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Required information [The following information applies to the questions displayed below.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,680 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,400 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,000 for the…

When Minnie K. Patton wrote her will, she left a portion of her estate to the Dallas County Community College District Foundation to create a scholarship in her name. She'd grown up poor and uneducated in rural Oklahoma and wanted to give students the shot at upward mobility that she wouldn't have had had she not married into money. Her will didn't provide many guidelines for doling out the scholarships, stipulating only that recipients "must demonstrate their capacity and desire for their education as well as their need for assistance." The task of deciding which students fit those criteria fell to Daphne Hughes, who was put in charge of DCCCD's scholarship program in May 2011. Her method of doing this quickly raised eyebrows. In July 2012, an employee of El Centro college complained to district auditors that the school's scholarship committee found itself with only enough money to fund six out of more than 50 applications for the Minnie K. Patton Scholarship; the funds are supposed…