1) Under a divorce agreement executed this year, an ex-wife receives from her ex-husband cash of $25,000 annually for ten years. The agreement does not say that the payments are excludible from gross income. Does the ex-wife have gross income and, if so, how much? Can the ex-husband deduct the annual payments and, if so, is the deduction For AGI for From AGI? What Internal Revenue Code Sections answer these questions?
4) May a taxpayer claim a dependency exemption for a person if the taxpayer provides 50% or less of the person's support. If so, under what circumstances?.
7) In general whatfactors determine who must file a federal income tax return? Is an individual required to file a tax return if he or she owes no tax?If an individual is not required to file a
federal income tax return, are there situations in which the individual might want to file. Explain.
8) John and Joan had been married for 20 years before John died in 2012. Joan and her son Marley, age 21, continued to live at home in years 2012 2015. Marley worked part time (earning $5,000 in each of the four years). He also attended college on a part time basis. Joan
Provided more than 50% ofMarley's support in each year. What is Joan's filing status for 2012, 2013, 2014, and 2015?
Would Joan's filing status change if Marley attended school fulltimerather than part time? If so, how?
9) Wanda is a single parent who maintained a household for her unmarried son Jordan, age 19, who worked fulltime and earned $16,000. Wanda provided about 40% of Jordan's support but provided all the expenses of maintaining the household. What is Wanda's 2014 tax filing status?
10) Tom and Mary are married and have one dependent son. In April, Tom left Mary a note that
he needed his freedom and was leaving her. As of December, Mary has neither heard from nor seen Tom. Mary fully supported
her daughter and completely maintained the household. What is Mary's filing status?
12)Chinitais a single taxpayer, whose salary was $51,000 in 2014. In that year, she also suffered a $5,000 short-term capital loss. Her itemized deductions for the year totaled $4,000. What are Chinita's 2014 (a) adjusted gross income; (b) taxable income; and (c) tax liability?
15) Geraldo rented an office building to Brian for $3,000 per month. On 12/29/13, Geraldo received a deposit of $4,000 in addition to the first and last months' rent. Brian commenced
occupancy of the building on 1/02/14. On 7/15/14, Brian closed his business and filed for bankruptcy. Geraldo collected rent for February, March, and April on the first day of each month. He received the May rent on 5/10/14, but collected no payments thereafter. Geraldo