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do this instead During the year. Tamar rented out the condo for 84 days, receiving $32,000 of gross income. She personally used the condo for
do this instead
During the year. Tamar rented out the condo for 84 days, receiving $32,000 of gross income. She personally used the condo for 40 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollor values to the nearest whole dollar amount. Required: o. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she ltemizes deductions before considering deductions associated with the condo)? b. What is the total amount of itemized deductions Tamar may deduct in the current year related to the condo? c. If Tamar's basis in the condo at the beginning of the year was $166,000, what is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $4,400 (rather than $32,000 ). What amount of for AGl deductions may Tamar deduct in the current year related to the condo? Clayton participates in his employer's nonquallfied deferred compensation plan. For 2022 , he is deferring 10 percent of his $416,000 annual salary. Assuming this is his only source of income and his marginal income tax rate is 32 percent, how much does deferring Clayton's income save his employer (after taxes) in 2022? The employer's marginal tax rate is 21 percent (ignore payroll taxes). Answer is complete but not entirely correct Step by Step Solution
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