federal taxation homework question attached

4.Jerry and ernie are comparing their tax situations. Both are paying all of the nursing home expenses of their parents. Jerry can include the expenses in computing his medical expense deduction, but Ernie cannot. What explanation can you offer for the difference?

12.Diane owns a principal residence in Georgia, a townhouse in San Francisco and a yacht in in Cape Cod.all of the properties have mortgages on which Diane pays interest. What strategy should Diane consider to maximize her mortgage interest deductions.

35Nadia donates $4000 to eastern university?s athletic department. The payment quarantees that Nadia will have preferred seating near the 50 yard line.

1. Assume that Nadia subsequently buys four $100 game tickets. How much can she deduct as a charitable contribution to the university?s atlehtic department
2. Assume Nadia ?s $4000 donation includes four $100 game tickets. How much can she deduct as a charitable deduction to the university athelitc department?

41. In December each year , Eleanor Young contributes 10% of her gross income to the united way (a 50% organization). Eleanor , who is in the 28% marginal tax bracket , is considering the following alternatives for satisfying the contribution.

Fair market value

Cash donation $23,000

Unimproved land held for six years ($3000 basis) 23,000

Blue Corporation stock held for eight months ($3000) 23,000

Gold Corporation stock held for two years ($28,000) 23,000

Eleanor has asked you to help decide which of the potential contributions listed above will be most advantageous tax-wise .Evaluate the four alternatives and write a letter to Eleanor to communicate your advice to her. Her address is 2622 Bayshore Drive Berkeley, CA94709

44.For calendar 2014 stuart and Pamela Gibson file a joint return reflecting AGI of $350,000.their itemized deductions are as follows

Casualty loss after $100 floor(not covered by insurance) $48,600

Home mortgage interest 19,000

Credit card interest 800

Property taxes on home 16,300

Charitable contributions 28,700

State income taxes 18,000

Tax return preparation fees 1,200

Calculate the amount itemized deductions the gibsons may claim for the year.

4.Jerry and ernie are comparing their tax situations. Both are paying all of the nursing home expenses of their parents. Jerry can include the expenses in computing his medical expense deduction, but Ernie cannot. What explanation can you offer for the difference? 12.Diane owns a principal residence in Georgia, a townhouse in San Francisco and a yacht in in Cape Cod.all of the properties have mortgages on which Diane pays interest. What strategy should Diane consider to maximize her mortgage interest deductions. 35Nadia donates $4000 to eastern university's athletic department. The payment quarantees that Nadia will have preferred seating near the 50 yard line. a. Assume that Nadia subsequently buys four $100 game tickets. How much can she deduct as a charitable contribution to the university's atlehtic department b. Assume Nadia 's $4000 donation includes four $100 game tickets. How much can she deduct as a charitable deduction to the university athelitc department? 41. In December each year , Eleanor Young contributes 10% of her gross income to the united way (a 50% organization). Eleanor , who is in the 28% marginal tax bracket , is considering the following alternatives for satisfying the contribution. Fair market value Cash donation $23,000 Unimproved land held for six years ($3000 basis) 23,000 Blue Corporation stock held for eight months ($3000) 23,000 Gold Corporation stock held for two years ($28,000) 23,000 Eleanor has asked you to help decide which of the potential contributions listed above will be most advantageous tax-wise .Evaluate the four alternatives and write a letter to Eleanor to communicate your advice to her. Her address is 2622 Bayshore Drive Berkeley, CA94709 44.For calendar 2014 stuart and Pamela Gibson file a joint return reflecting AGI of $350,000.their itemized deductions are as follows Casualty loss after $100 floor(not covered by insurance) Home mortgage interest Credit card interest $48,600 19,000 800 Property taxes on home 16,300 Charitable contributions 28,700 State income taxes 18,000 Tax return preparation fees Calculate the amount itemized deductions the gibsons may claim for the year. 1,200