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- 50. Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left the following: a. Property inherited by Mr. O from his father who died February 14, 2013 b. Property inherited by Mrs. O from her father who died February 14, 2014 c. Property inherited by Mr. O from his mother who died February 14, 2015 d. Property inherited by Mrs. O from her mother who died February 14, 2016 c. Property acquired thru the labor of P3,000,000 1,200,000 1,800,000 1,400,000 Mr. O Mrs. O Mr. & Mrs. O (family bome) 2,000,000 1,500,000 2,400,000 1,600,000 f. Other personal property Deductions claimed by the estate: a. Funeral expense b. Unpaid mortgages on property in letters: a 500,000 c. Claims against the estate d. Accrued taxes (before the death of Mr.O) 220,000 b. 300,000 c. 180,000 d 200,000 170,000 80,000 Determine the net taxable estate assuming 1. Conjugal partnership of gains 2. Absolute community of propertyJeff is a single taxpayer who sold his home when he was transferred from NY to Denver by hisemployer. He purchased the home on January 10, 2013. He was sent by his company for temporaryassignment to Detroit on February 1, 2016, that lasted for longer and was gone for 16 months in2016 and 2017, during which time he rented out his home. He moved back into the home on June 3,2017. He sold the home on March 15, 2020. Jeff can claim an exclusion of gain on the sale up to:Select one:a. $500,000b. $300,000c. $250,000d. $0Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0. 1, What is Wade's correct and most favorable 2019 filing status? 2. Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit. Wade is eligible to claim the Other Dependent Credit. Wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit. 3. Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents…
- Mark (age 55 in 2020) and his late wife, Mary, were married in 1990. Mark and Mary have a son, Matt, who was born in 2009. Mary passed away on October 4, 2020. Mark has not remarried. Mark maintained a household for Matt, his dependent child (qualifying child), for all of 2020 & 2021. What allowable filing status would be most beneficial for Mark to use in 2020?Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5.• Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare.• Richard declined to receive advance child tax credit payments in 2021.• Richard’s earned income in 2019 was $19,000.• Richard and Isabella are U.S. citizens and lived in the United States all year in 2021.• Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 30. Richard is not eligible to claim the Qualifying Widower filing status. true or false 31. What is Richard’s adjusted gross income on his Form 1040? A. $41,500 B. $41,580 C. $41,600 D. $41,620 32. Richard is eligible to claim the child…Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2019 traveling in Europe and was not a college student. He had gross income of $4,655 in 2019. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2019, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2019 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…
- Emma is 45 years old and single. • Emma has two children, Poppy, age 17 and Sebastian, age 25, who lived with her all year. Sebastian had a part- time job where he earned $4,500 in 2020. • Emma paid all the cost of keeping up the home and more than half the support for her children. Emma received disability pension benefits. She has not reached the minimum retirement age of her employer's plan. She also received interest and dividend income. • In early January 2020, she went to the local casino and won some money playing the slot machines. During the intake and interview, she mentioned that she had gambling losses of $700. • She does not have enough expenses to itemize for the 2020 tax year. • Emma made a $100 cash contribution to her daughter's school to help buy masks for students. • Emma received a $1,700 Economic Impact Payment (EIP) in 2020. 18. Emma's disability pension is reported as wages and considered earned income for the purposes of the earned income credit.• Jeff, age 68 and Claire, age 63 elect to file Married Filing Jointly. Neither taxpayer is blind. • Jeff is retired. He received Social Security benefits and a pension. • Jeff and Claire's daughter Shelby, age 19, is a full-time college student in her second year of study. She is pursuing a degree in foreign studies and does not have a felony drug conviction. She received a Form 1098-T for 2022. Box 7 was not checked on her Form 1098-T for the previous tax year. • Shelby spent the summer at home with her parents but lived in an apartment near campus during the school year. • Shelby received a scholarship and the terms require that it be used to pay tuition. Jeff and Claire paid the cost of Shelby’s tuition and course-related books in 2022 not covered by scholarship. They paid $120 for a parking sticker, $5,500 for a meal plan, $750 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. • Jeff and Claire…Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8. Required: His AGI is $109,200. His AGI is $433,000. His AGI is $421,400, and his daughters are ages 10 and 12.
- In May 2021, Whitney filed for divorce from her husband, Michael. Although they lived apart for the last six months of the year, their divorce is not yet finalized and they are still legally married. Whitney does not wish to file a joint 2021 return, and she has no qualifying child or qualifying relative. What filing status should Whitney use?6. Jim is 67 years old and deaf. He is not married and uses the “single” filing status. How much of a standard deduction can he take?Han Solo is divorced during 2020. Their son lives with Han’s former spouse, Princess Leia. Han lives alone, and Princess Leia supports their son. During 2020, Wolverine is married to Storm, and they have 2 children (i.e., dependents). Wolverine and Storm have a fight in March; Wolverine leaves and never returns. Storm has no idea where Wolverine is. Storm supports the two children. For 2020, what is the filing status for Han Solo and Storm? Han Solo: Single / Storm: Married filing separately Han Solo: Head of Household / Storm: Married filing separately Han Solo: Head of Household / Storm: Head of Household Han Solo: Married filing separately / Storm: Single Han Solo: Single / Storm: Head of Household