ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38
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2) List the five types of filing status and briefly explain the requirements for the use of each one.
33) In which of the following cases may the taxpayer claim head of household filing status?
a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son.
b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother.
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ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55
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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?
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ACC 401 Week 3 Assignment Chapter 6
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39. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows:
Income from consulting business $4,000
Consulting expenses other than home office 1,500
Total costs relating to home:...