(SOLVED) Issue Recognition Problems Identify the tax

issue or issues suggested

Issue Recognition Problems Identify the tax issue or issues suggested by the following
situations and state each issue in the form of a question. Six years ago, Ms. PL paid $20 per
share for 1,000 shares of her employer’s stock. This stock is now worth $58 per share. Ms. PL
[…]

Helene Toolson, age 67, is an avid collector of historical documents and signatures. Her
collection is worth over $300,000 and, by any measure, is an excellent investment. Helene also
owns an IRA with First State Bank. She recently learned that a letter writ-ten by Thomas
Jefferson was available for purchase […]

Marion Kline was recently elected mayor of a large mid-western city that furnishes its mayor
with an official residence for occupancy during the term of office. The residence (house and
gardens) is owned and maintained by the city, and the mayor doesn’t pay any rent. Marion and
her family are […]

Curtis Bedford, age 73, is a professor of English at a private university. He holds a tenured
position, which represents a lifetime employment contract. The university has offered Curtis a
$75,000 lump-sum payment if he will retire from the faculty. If Curtis accepts the payment, he
must give up any […]

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Mrs. ST’s corporate employer has a cafeteria plan under which its employees can receive a
$3,000 year-end Christmas bonus or enroll in a qualified medical reimbursement plan that pays
up to $3,000 of annual medical bills. Mrs. ST is in a 28 percent tax bracket, and her medical bills
average […]

Mrs. F, age 57, participates in the group-term life insurance plan sponsored by her corporate
employer. According to Treasury tables, the cost of $1,000 of life insurance for a 57-year-old
person is 43 cents per month. Determine the taxable income that Mrs. F must recognize
assuming that: a. The plan […]

Mr. Kim is a U.S. citizen who has been stationed at his employer’s Tokyo office for the last six
years. a. Compute Mr. Kim’s AGI if his only income was his $65,000 salary. b. Compute Mr.
Kim’s AGI if his only income for the year was his $169,000 salary. c. […]

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