10. Ronald, a single taxpayer, had 2014 wages of $70,000 from his job at Big Company, Inc. What is Ronalds AGI if he has the following (and only the following) additional items in 2014? Itemized deductions of $10,000 Exemption amount of $3,950 Alimony of $12,000 received by Ronald (from his former spouse, Lydia) Business income of $15,000 from Ronalds sole proprietorship Ignore any deduction that may relate to self-employment taxes. a. $70,000 b. $82,000 c. $85,000 d. $97,000 11. Assume the same facts as in the previous question (again, ignore any deduction that may relate to self-employment taxes). Ronalds Taxable Income for 2014 is: a. $60,000 b. $71,050 c. $72,000 d. $83,050 16. CONSIDER THE impact of the Tax Increase Prevention Act we discussed in Chat. In 2014, Andrew, a calendar-year taxpayer, purchased business equipment (5-year property) for $2,200,000. The property was placed in service in January 2014 (and is being used exclusively in Andrews extremely profitable business). No other personal property is purchased by Andrew in 2014. What is the most that Andrew may deduct in 2014 under Section 179 of the Code (ignore any potential deductions resulting from bonus deprecation or MACRS)? a. $200,000 b. $300,000 c. $500,000 d. $2,000,000 17. CONSIDER THE Tax Increase Prevention Act we discussed in Chat and assume the same facts as in the previous question. However, for this question, assume that Andrew purchased the business equipment for $150,000 (instead of $2,200,000). What is the most that may be deducted in 2014 under Section 179 of the Code (ignore any potential deductions resulting from bonus deprecation or MACRS)? a. $150,000 b. $200,000 c. $500,000 d. $2,000,000 31. What was Allisons Taxable Income for 2014? Assume Allison is single and has THREE dependent children. Assume further that Allisons 2014 AGI is $75,000 and that Allison had itemized deductions of $10,000. a. $49,200 b. $53,150 c. $65,000 d. $75,000 36. Ronalds business incurred a casualty loss in 2014. Immediately before the casualty, Ronalds business truck had an adjusted basis of $40,000 and a fair market value of $20,000. Immediately after the casualty, the truck had a fair market value of $10,000. Because of the truck damage, Ronalds insurance company provided $5,000 as a reimbursement in 2014. What was Ronalds 2014 casualty loss deduction? a. $5,000 b. $10,000 c. $40,000 d. Unknown (because we must know Ronald's AGI) 44. Compute the casualty loss on Melissas uninsured rental property under the following facts: Adjusted basis $70,000 FMV before the loss $55,000 FMV after the loss $0 $0 b. $55,000 c. $70,000 d. N/A (we need to know Melissas AGI to answer this question)