Question
Can you please help me answer these following questions? please provide explanation for each. thank you so much. 12.Tom and Cate are married and live
Can you please help me answer these following questions? please provide explanation for each. thank you so much.
12.Tom and Cate are married and live in California.They own a duplex from which they received $30,000 during the year in rents.Tom also receives rents of $10,000 for a condominium he owned before he and Cate were married.Assuming Tom and Cate file separate federal income tax returns, how much rental income would Cate report on her income tax return?
a.$20,000
b.$15,000
c.$25,000
d.$40,000
e.$0
13.During the taxable year Forest signed a three year lease to rent office space from Clyde.Forest paid rent of $1,200 for the first month, $1,200 for the last month's rent, and $1,000 for a security deposit.How much must Clyde include in gross income for the taxable year as a result of these payments?
a.$1,200
b.$2,400
c.$3,400
d.$0
14.Harold makes the following alimony payments to Wanda:
Year 1 - $65,000
Year 2 - $40,000
Year 3 - $15,000
What is the total amount of alimony recapture to be taken into account in Year 3?
a.$42,500
b.$37,500
c.$15,000
d.$27,500
e.$0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started