9. Al single pe 60, and has gross income of $140,000. His deductible expenses are as follows: Alimony Charitable contributions Contribution to a traditional IRA 5.000 Expenses paid on rental property 7,500 Interest on home mortgage and property taxes on personal residence 7,200 State Income tax 2.200 What is Al's AGI? Tris, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in Florida, and was expand to other states. During 2012, she spends 514,000 to investigate TV rental stores in South Carolina and 59,000 to investigate TV rental stores in Georgia. She sequires the South Carolina operations, but not the outlets in Georgia. As to these expenses, Iris shouldPENSE ? Jack received a court award in a civil libel and stander suit against National or. He received $120,000 for damages to his professional reputation, $100,000 for damages to this personal reputation, and 550.000 in punitive dama Jack must include in his prou income as a damage award CHAPTER #8 1. On January 15, 2019, Dillon purchased the rights to a mineral Interest for $3,500,000. At that time, it was that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 ware sold for $800,000. Dilion incurred expenses during 2019 of 5500,000. The percentage depletion rate is 22%. Determine Dillon's depletion deduction for 2019. 24. In 2016, Gallada 170 deduction carryover of $30,000. In 2019, she elected $ 179 for an equired to of $115,000. Gails 179 business income limitation for 2019 is $140,000. Determine Gail's 5179 deduction for 2019 3. On May 5 of the current tax your, Hyme purchased aptent that qualifies as a 197 topible. The cost of the patent was $207.000 and Ilyene is a calendar year asper. In the current tax year, how much of the past may By amorte 9. Al single pe 60, and has gross income of $140,000. His deductible expenses are as follows: Alimony Charitable contributions Contribution to a traditional IRA 5.000 Expenses paid on rental property 7,500 Interest on home mortgage and property taxes on personal residence 7,200 State Income tax 2.200 What is Al's AGI? Tris, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in Florida, and was expand to other states. During 2012, she spends 514,000 to investigate TV rental stores in South Carolina and 59,000 to investigate TV rental stores in Georgia. She sequires the South Carolina operations, but not the outlets in Georgia. As to these expenses, Iris shouldPENSE ? Jack received a court award in a civil libel and stander suit against National or. He received $120,000 for damages to his professional reputation, $100,000 for damages to this personal reputation, and 550.000 in punitive dama Jack must include in his prou income as a damage award CHAPTER #8 1. On January 15, 2019, Dillon purchased the rights to a mineral Interest for $3,500,000. At that time, it was that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 ware sold for $800,000. Dilion incurred expenses during 2019 of 5500,000. The percentage depletion rate is 22%. Determine Dillon's depletion deduction for 2019. 24. In 2016, Gallada 170 deduction carryover of $30,000. In 2019, she elected $ 179 for an equired to of $115,000. Gails 179 business income limitation for 2019 is $140,000. Determine Gail's 5179 deduction for 2019 3. On May 5 of the current tax your, Hyme purchased aptent that qualifies as a 197 topible. The cost of the patent was $207.000 and Ilyene is a calendar year asper. In the current tax year, how much of the past may By amorte