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Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service
Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM she is to receive 2 percent of the average salary of her three highest years of compensation from JMM. She retired on January 1, 2019. Before retirement, her annual salary was $609,000, $639,000, and $669,000 for 2016, 2017, and 2018. What is the maximum benefit Alicia can receive in 2019? Maximum benefit in 2019 Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the current year Junior: Personally stayed in the home for 21 days. Rented it to his favorite brother at a discount for 22 days. Rented it to his least favorite brother for 12 days at the full market rate. . Rented it to his friend at a discounted rate for 12 days. Rented the home to third parties for 78 days at the market rate. Did repair and maintenance work on the home for 2 days. Marketed the property and made it available for rent 182 days (but not actually rented out), during the year (in addition to the days mentioned above). How many days of personal use and how many days of rental use did Junior experience on the property during the year? Days of personal use Days of rental use Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was one of the first homes in the subdivision. During the year, they paid $1,690 in real property taxes to the state government, $595 to the developer of the subdivision for an assessment to pay for the sidewalks, and $1,090 for real property taxes on land they hold as an investment. What amount of property taxes are the Johnsens allowed to deduct assuming their itemized deductions exceed the standard deduction amount before considering any property tax deductions and they pay $5,950 of state income taxes for the year and no other deductible taxes? Deductible property taxes amount
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