(SOLVED) With the recent changes in the tax law definition

of
With the recent changes in the tax law definition of a dependent, it is interesting to compare how
the United States definition of a dependent differs throughout the world. Go to the Australian
Government Tax Web page at http://www.ato.gov.au/. Type the word dependant (Australian
spelling) in the search box. Then […]

Casandra and Gene are married and have a daughter who is a junior at State University. Their
adjusted gross income for the year is $78,000, and they are in the 25% marginal tax bracket.
They paid their daughter’s $3,500 tuition, $450 for textbooks, and $3,200 in room and board
with […]

Deidre is single and has dividend income of $7,500 and a $6,000 long-term capital gain. She
pays $9,000 of investment interest expense. The interest expense relates to all the assets in her
portfolio. Deidre has no tax-exempt income, and her marginal tax rate is 33%.Identify the tax
issue(s) posed by […]

Donna bought her home several years ago for $200,000. She paid $20,000 down on the
purchase and borrowed the remaining $180,000. When the home is worth $280,000 and the
balance on the mortgage is $120,000, she borrows $110,000 using a home equity loan. She
uses the proceeds of the loan […]

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Dwight purchases a new home costing $100,000 in the current year. He pays $15,000 down
and borrows the remaining $85,000 by securing a mortgage on the home. He also pays $2,000
in closing costs and $1,700 in points to obtain the mortgage. He pays $7,500 in interest on the
mortgage […]

Troy’s 2009 tax return is audited. The auditor determines that Troy inadvertently understated
his ending inventory in calculating his business income. The error creates an additional tax
liability of $5,000. The IRS charges interest on the additional tax liability of $600.Identify the tax
issue(s) posed by the facts presented. Determine […]

Jacqueline is single. In June 2011, she receives a refund of $250 from her 2010 state tax return.
Her 2010 itemized deductions were $8,000. In October 2011, her 2009 state tax return is
audited, and she has to pay an additional $340 in state taxes. During 2011, Jacqueline has
$2,450 […]

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