Whittenburg Gerald E., Altus-Buller Martha. Income Tax Fundamentals
Подождите немного. Документ загружается.
S-24 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.
Self-Study Problem 6.5
Country A $10,000 20% ¼ $ 2,000
Country B $20,000 50% ¼
10,000
$12,000 Total foreign taxes paid
Overall limitation:
$30,000
$90,000
$20,000 ¼ $6,667
The foreign tax credit is limited to $6,667.
Self-Study Problem 6.6
See Form 8839 on page S-31.
Self-Study Problem 6.7
a. $0. The credit for the Toyota Prius was reduced to $0 in October 2007.
b. $1,200 (30% $4,000 ¼ $1,200)
c. $0. The credit is not allowed for vacation homes.
d. $3,000 (30% $10,000). The solar system for the hot tub is not an
allowed cost for the credit.
Self-Study Problem 6.8
See Form 6251 on page S-33.
Line 1 of Form 6251 is computed as follows:
Adjusted gross income : $100,000
Less: itemized deductions
Home mortgage interest expense $23,000
Contributions 11,000
Property taxes 10,000
State income taxes 10,000
Miscellaneous
10,000 (64,000)
Taxable income before personal exemption
$ 36,000
Self-Study Problem 6.9
Step 1:
Unearned income $ 3,000
Less: greater of $950 (standard deduction) or
investment expenses (950)
Less: amount taxed at 10%
(950)
Net unearned income, taxed at parents’ rates
$ 1,100
Step 2:
Parents’ taxable income $46,050
Plus: child’s net unearned income
1,100
Revised taxable income
$47,150
Tax from tax table on revised
taxable income ($47,150) $ 6,239
Less: tax from tax table on regular taxable
income ($46,050)
(6,074)
Parental tax
$ 165
Solutions to Self-Study Problems S-25
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.
S-26 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.
15,800
3,050
15,900
(Adjusted Gross Income)
x
x
3,050
Wages, Salaries
Solutions to Self-Study Problems S-27
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.
S-28 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.
Julie Brown
ABC Childcare
XYZ Adultcare
Anywhere, USA
19 Dal Street
11 Elns Street
Anywhere, USA
95-3333333
95-4444444
1,500
Child Brown 123 33 3333
Mother Brown 456 66 6666
1,500
2,400
2,400
3,900
3,900
780
20
6,228
90,000
780
90,000
Solutions to Self-Study Problems S-29
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.
S-30 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.
Self-Study Problem 3.3
1. Business
2. Nonbusiness
3. Nonbusiness
4. Business
5. Nonbusiness
Self-Study Problem 3.4
Self-Study Problem 3.5
1. F
2. F Generally, NOLs are only from the operation of a trade or
business, casualty and theft losses, or confiscation losses.
3. T
4. T
5. F In 2010, the NOL is carried back 2 years and forward
20 years, unless an election is made to forgo the
2-year carryback.
Self-Study Problem 3.6
a. $4,000 ¼ $5,000
$66,000 $58,000
$10,000
b. $4,333 ¼
$120,000 $107,000
$15,000
$5,000
Self-Study Problem 3.7
$10,000, the lesser of $10,000 (20% of $50,000) or $49,000
62,500
x
x
170,500
233,000
57,200
175,800
S-8 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.
x
x
12,353
12,353
817
062
185,000
2,480
13,170
13,170
13,170
17,000
Allison Anderson 2009 466-47-3311
Andrew and Amy Anderson
Solutions to Self-Study Problems S-31
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.
0
13,170
4,000
4,000
185,000
2,480
248
4,000
248
3,752
4,000
062
x
x
x
S-32 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.