Which of the following items are inclusions in gross income? a. During the year, stock that the taxpayer purchased as an investment doubled in value. b. Amount an off-duty motorcycle police officer received for escorting a funeral procession. c. While his mother was in the hospital, the taxpayer sold some of her jewelry to help pay for the hospital bills. d. Child support payments received. e. A damage deposit the taxpayer recovered when he vacated the apartment he had rented. f. Interest received by the taxpayer on an investment in general purpose bonds issued by IBM. g. Amounts received by the taxpayer, a baseball "Hall of Famer," for autographing sports equipment (e.g., balls and gloves). h. Tips received by a bartender from patrons. (Taxpayer is paid a regular salary by the cocktail lounge that employs him.) I. Taxpayer sells his Super Bowl tickets for three times what he paid for them j. Taxpayer receives a new BMW from his grandmother when he passes the CPA exam.

Required information [The following information applies to the questions displayed below.] Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. c. $600 for office supplies in May of this year. He used half of the supplies this year and he will use the remaining half by February of next year. After-tax cost

Please help me with e and f. Thanks!

Subject - account  Please help me.  Thankyou.

Which of the following is a deductible expense for an individual taxpayer? A) Rent payments for personal use B) Mortgage interest on a vacation home C) Childcare expenses while working D) Personal clothing purchases

n each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a manner consistent with the income effect. a.  Mr. Edwards earns $32,000 a year as an employee, and Mrs. Edwards doesn’t work.b.  Mr. Frank earns $22,000 a year as an employee, and Mrs. Frank earns $10,000 a year as a self-employed worker.c.  Mr. George earns $22,000 a year as an employee, and Mrs. George earns $10,000 a year as an employee.

Which of the following statements is incorrect? Assume that the rental activity is classified as ‘production-of-income.’ If the taxpayer sells the rental property later at a loss, the loss will be treated as a capital loss (i.e., $3,000/$1,500 deduction limit in the current year).  An amount that would have been paid in an arm’s-length transaction is considered a reasonable amount as deduction. Payment (except for medical or educational expense) of another person’s obligation does not result in a tax deduction for the payer. Regarding the start-up costs, if the new business is in the same line of business as the existing one and if the new business is not launched, then none of the start-up costs are deductible. Payments for a speeding ticket are nondeductible.  HELP

From the following information, determine Marcie’s gross income for tax purposes.   Salary $40,000 Interest (checking account)  50 Cash received as birthday gift  900 Dividends (mutual funds)  500 Inheritance received upon father’s death  22,000 Cash received from insurance for accident claim settlement  3,200 Cash dividend from stock  750

Last year, lana  purchased a $100,000 account receivable for $90,000. During the current year, Lucy collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. a.$7,000 gain b.$3,000 loss c.$13,000 loss d.$2,000 gain

Review the following scenario. Use the information provided to answer questions about the taxpayer’s 2020 return.Liam Hernandez (38) paid $112,000 for a single-family home on July 1, 2020, and immediately placed it in service as a residential rental property. At the time, the land was valued at $10,000. The property generated $6,000 in rental income for the year. Liam’s only expenses consisted of depreciation, $500 in insurance, and $750 in real estate taxes.Liam is not a real estate professional, but he does actively participate in his rental real estate activity. He did not provide any personal services during the year, although he has notified his tenant that he will make minor repairs to the property as needed. Liam has no other passive income or losses.   Question 1 What amount should Liam report for his total rental real estate and royalty income? His partially completed Schedule E, Supplemental Income and Loss, is shown below. You may use the form to assist you in answering this…