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If Suma is insolvent with assets of $30,000 and liabilities of $45,000 and one of Suma's creditors then cancels a debt of $25,000, what amount must Suma recognize as income?
Gabriel carried no collision insurance and Jose was also an uninsured motorist. Assume Gabriel itemizes deductions in 2013. What is the casualty loss amount that Gabriel may deduct on his return?
Assume the same facts as in the previous question. However, for this question, assume that Bethsie purchased the business equipment for $2,300,000 (instead of $700,000). What is the most that may be
As a result of the lease with Anne-Emilie, Yuliet earned net rental income of $12,000 (for 2013). What amount of income should Yuliet's 2013 tax return include from these transactions?
Assume that Mariana received some unique payments in 2013. Which of the following items may Mariana exclude from gross income?
In 2013, they also had AGI of $600,000 and preliminary itemized deductions of $40,000. In 2012 and 2013 their itemized deductions include mortgage interest. Which of the following is TRUE?
John, a single taxpayer, had 2013 wages of $75,000 from his job at Big Company, Inc. What is John's AGI if he has the following (and only the following) additional items in 2013? Ignore any deductio
What is Robert's taxable income for 2013? Assume Robert is 36 years old and is single and has no dependents. Assume further that Robert's 2013 AGI is $72,000 and that he has no itemized deductions.
Randolph and Zoff agree that the security deposit will be returned by Zoff at the end of the lease. How much gross income should Zoff report for 2013 as a result of these items?
Which doctrine will most likely prevent Nicole from reducing her tax liability by voluntarily assigning her income to another taxpayer?
A few years ago, Julio and Jenny formed a partnership called "JJs." Which of the following is most likely TRUE regarding the U.S. income taxation of Julio, Jenny and JJs?
What is Paula's taxable income for 2013? Assume she is single and claimed THREE dependent children, David, John and Ronide. Assume further that Paula's AGI is $52,000 and that her itemized deduction
What is Mercedes's Taxable Income for 2013? Assume she is 35 years old and is single and has no dependents. Assume further that Mercedes's AGI is $60,000 and that she made a charitable contribution
In 2013, Manuel, age 16, had $600 of interest from a certificate of deposit and $3,000 from working as a waiter. Assume Manuel is claimed by his parents as a dependent. What is Manuel's standard ded
Juan and Bettyna, ages 34 and 31, are married and file a joint return. In addition to having THREE dependent children (Talha, Maidelin, and Nicholas), Juan and Bettyna have adjusted gross income ("A
Kate owns all the stock in Warbler Corporation. Kate has a basis of $25,000 in the Warbler stock, which currently has a fair market value of $150,000. Warbler is merged into Wren Corporation.
Holly Wreath, a shareholder in the acquired corporation, turned in 100 shares of common stock with a basis of $4,200. In return she received voting convertible preferred stock worth $4,700 and a deb
During March 2013, Hill Corp. adopted a plan of liquidation and subsequently made a pro rata distribution of the land back to the brothers. At the time of the liquidating distribution, the land had
The following statements about property distributions in complete liquidations with liabilities in excess of fair market value are all false, except:
The land was used in Bass Corp.'s business and has an adjusted basis of $50,000 and is subject to a $10,000 liability which is assumed by Shirley. Shirley's basis in her stock is $25,000. What gain
In exchange for his stock, Mark receives property with a $10,000 basis and a $25,000 fair market value that is subject to a $12,000 mortgage, and also receives cash of $15,000. What is Mark's recogn
The Trap Corporation liquidates. One shareholder, who owned 30 percent of the stock, receives for the stock, inventory worth $90,000 with a basis of $70,000. Trap Corporation will recognize:
Jones owns 100 percent of X Corporation. X Corporation's overall marginal tax rate is 35 percent. Jones' overall marginal tax rate is 30 percent. Jones needs $40,000 from the firm. The firm has deci
Tugboats made a distribution of $25,000 cash to its stockholders on April 1, 2013. What is the amount of Tugboat's accumulated earnings and profits on January 1, 2014?