Calculate adjusted gross income for 2018 for Tessa Trent based on the following information. 1. Salary $200,000 Child support 40,000 Contribution to individual retirement account 2,000 Gift from her sister Tara 10,000 Net income from sole proprietorship 30,00 Capital loss 10,000 Educator expenses 100 Inherited 100,000 from great grandfather Legal settlement for business 5,000 Won 2,000 in work football pool Interest from Florida bonds 10,000 Dividends 7,000 Qualified student loan interest 1,000 Unemployment compensation 5,000 Workers compensation 7,000 Alimony, divorce finalized in 2016, 30,000 Tessa found a bracelet worth 2,000 on the street Contribution to health savings account 1,000 Tessa's brother paid her back 10,000 which he had borrowed in 2010 Penalty for early withdrawal from a timed savings account 500 Partnership income 4,000 S corporation income 2,000 Interest from treasury bonds 5,000 Proceeds from life insurance policy on late great grandmother 20,000 Contribution to Health Savings Account 1,000 Self employment tax paid 12,000 2. Describe the 4 courts which hear tax cases 3. Discuss the all inclusive view of revenue as described in the 16th amendment 4. What is the purpose of regulations? 5. Describe the three types of Regulations 6. Describe Adam Smith's Cannons of Taxation 7. Describe the legislative process for writing tax law. Calculate adjusted gross income for 2018 for Tessa Trent based on the following information. 1. Salary $200,000 Child support 40,000 Contribution to individual retirement account 2,000 Gift from her sister Tara 10,000 Net income from sole proprietorship 30,00 Capital loss 10,000 Educator expenses 100 Inherited 100,000 from great grandfather Legal settlement for business 5,000 Won 2,000 in work football pool Interest from Florida bonds 10,000 Dividends 7,000 Qualified student loan interest 1,000 Unemployment compensation 5,000 Workers compensation 7,000 Alimony, divorce finalized in 2016, 30,000 Tessa found a bracelet worth 2,000 on the street Contribution to health savings account 1,000 Tessa's brother paid her back 10,000 which he had borrowed in 2010 Penalty for early withdrawal from a timed savings account 500 Partnership income 4,000 S corporation income 2,000 Interest from treasury bonds 5,000 Proceeds from life insurance policy on late great grandmother 20,000 Contribution to Health Savings Account 1,000 Self employment tax paid 12,000 2. Describe the 4 courts which hear tax cases 3. Discuss the all inclusive view of revenue as described in the 16th amendment 4. What is the purpose of regulations? 5. Describe the three types of Regulations 6. Describe Adam Smith's Cannons of Taxation 7. Describe the legislative process for writing tax law
