Whittenburg Gerald E., Altus-Buller Martha. Income Tax Fundamentals
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Self-Study Problem 4.5
Business meals $1,700 50% ¼ $850
Self-Study Problem 4.6
Lodging $1,200
Transportation 350
Meals (50% of $200) 100
Books 175
Tuition
550
Total Deduction
$2,375
The cost of the weekend trip to the Grand Canyon is not deductible.
Self-Study Problem 4.7
1. Deductible
2. Deductible
3. Not Deductible
4. Deductible
5. Not Deductible
Self-Study Problem 4.8
Nursing uniforms $225
Nursing support hose 150
Laundry on nursing uniforms 75
Safety shoes 120
Climbing equipment, etc.
275
Total Special Clothing Deduction
$845
Self-Study Problem 4.9
1. Mr. Jones $ 20
2. Mr. Brown 25
3/4. Mrs. and Mr. Green 25
5. Ms. Gray 0
6. Mr. Edwards 75
7. Va rious customers
140
Total Business Gift Deduction
$285
Self-Study Problem 4.10
See Schedule C on page S-17 and S-18.
Self-Study Problem 4.11
See Form 3903 on page S-19.
S-14 Solutions to Self-Study Problems
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Marc Lusebrink
8,972
316
9,288
9,288
9,288
9,288
Solutions to Self-Study Problems S-15
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
01
23,925
17,944
8,972
6,040
6,040
4,530
2,100
6,630
0
2,100
2,100
2,100
2,295
10,500
14,000
200 DB/20%
3,060
75
01 10
S-16 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Teri Kataoka
Golf Teacher
x
1234 Golforest Drive
Palm Springs, CA 92262
450
3,028
27,212
27,212
12,038
975
895
3,100
250
2,700
640
39,250
39,250
39,250
39,250
x
x
466 47 8833
812990
Solutions to Self-Study Problems S-17
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
6,056 3,000 6,000
x
x
x
x
01 01 10
S-18 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
4,100
1,150
5,250
5,250
x
Maureen Motsinger
Solutions to Self-Study Problems S-19
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Self-Study Problem 4.12
The maximum amount of expenses that can be deducted is $250, the
amount of income from the hobby activity. The expenses of $250 are
deductible as a miscellaneous itemized deduction, subject to the 2 percent
of adjusted gross income limitation. The sales must be reported as miscella-
neous income even though the 2 percent of AGI limitation may prevent the
expenses from being deducted.
Chapter 5 Itemized Deductions and Other Incentives
................................... .................................................
Self-Study Problems 5.1 through 5.6
See Schedule A and Form 4684 on pages S-21 to S-24.
Self-Study Problem 5.7
$11,858 ¼ $12,000 $142 The reduction in itemized deductions is equal
to the lesser of $142 [1% ($181,000
$166,800)] or $1,333 (26
2
3
% $5,000).
Self-Study Problem 5.8
a. $0
b. $2,000. Henry’s AGI is under $95,000 so there is no
phase-out.
Chapter 6 Credits and Special Taxes
................................... .................................................
Self-Study Problem 6.1
a. $2,000. Two children under the age of 17 at $1,000 each, no
phase-out
b. $1,200. Two children under the age of 17 at $1,000 each less
$800 phase-out
$125,400 $110,000
$1,000
¼ 15:4
16 (rounded) $50 ¼ $800 reduction
Self-Study Problem 6.2
See Worksheet A on page S-27.
Self-Study Problem 6.3
See Form 2441 on page S-29.
Self-Study Problem 6.4
a. $1,900 ¼ 100% up to $2,000
b. $1,040 ¼ 20% $5,200 ($10,000 maximum)
S-20 Solutions to Self-Study Problems
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
25,400
1,905
1,048
1,960
10,250
1,285
500
2,530
2,953
1,050
825
Personal property taxes
85
9,250
1,000
335
150
800
1,700
1,080
35,000
Dues, Journals, Job Hunting
Safe Deposit, Bank Trust fees
x
450
3,230
700
Solutions to Self-Study Problems S-21
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
S-22 Solutions to Self-Study Problems
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
6,000
2,900
9,000
6,000
9,000
3,100
0
3,100
100
3,000
3,000
3,000
3,000
2,500
500
500
0
0
0
Vivian Walker
Coin collection, 2002
x
The 2010 version of the form has not been issued as we go to press.
Solutions to Self-Study Problems S-23
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.