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ACC401 / ACC 401 / Week 2 Assignment Chapter 4 problem 53 and problem 55

ACC401 / ACC 401 / Week 2 Assignment Chapter 4 problem 53 and problem 55

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Week 2 Assignment 2



Chapter 4, complete problem 53 and problem 55.

53. Under the terms of a divorce decree executed May 1, 2008, Rob transferred a house worth $650,000 to his ex-wife, Linda, and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000.

a. How much of this must be reported on Linda’s tax return?

b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house?

54. Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences?

55. Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2009 tax year.

Chapter 5, complete problem 54, problem 61, and problem 62

54. Steve purchased a personal residence from Adam. To sell the residence, Adam agreed to pay $4,500 in points related to Steve’s mortgage. Discuss the tax consequences from the perspective of both Steve and Adam.

61. Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2009, which ruined the furniture in their garage. The following items were completely destroyed and not salvageable

Their homeowner’s insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,800. Their AGI for 2009 was $30,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2009?

62. During the year 2009, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,000 miles to visit clients, 10,000 miles to get to her office, and 500 miles to attend business-related seminars. She spent $300 for airfare to another business seminar and $200 for parking at her office. Using the car expense rate of 55 cents per mile, what is her deductible transportation expense?
Week 2 Assignment 2



Chapter 4, complete problem 53 and problem 55.

53. Under the terms of a divorce decree executed May 1, 2008, Rob transferred a house worth $650,000 to his ex-wife, Linda, and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000.

a. How much of this must be reported on Linda’s tax return?

b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house?

54. Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences?

55. Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2009 tax year.

Chapter 5, complete problem 54, problem 61, and problem 62

54. Steve purchased a personal residence from Adam. To sell the residence, Adam agreed to pay $4,500 in points related to Steve’s mortgage. Discuss the tax consequences from the perspective of both Steve and Adam.

61. Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2009, which ruined the furniture in their garage. The following items were completely destroyed and not salvageable

Their homeowner’s insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,800. Their AGI for 2009 was $30,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2009?

62. During the year 2009, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,000 miles to visit clients, 10,000 miles to get to her office, and 500 miles to attend business-related seminars. She spent $300 for airfare to another business seminar and $200 for parking at her office. Using the car expense rate of 55 cents per mile, what is her deductible transportation expense?

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Published by: Number1Tutor on Sep 20, 2011
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