1. For 2020, Heidi, who is single has properly determined that her taxable income is $81,800, including $1,200 of unrecaptured 1250 gain and $5,000 of 0%/15%/20% gain. Compute Heidi's tax liability (hint use capital gain table)

2.The land and warehouse and office furniture are sold on June 17, 2020. The purchase price was allocated as follows: $1,600,000 to the land, $7,800,000 to the warehouse. The company originally purchased the property at a cost of 8,000,500. During there ownership they took $678.000 of depreciation expenses. What is the tax liability? Where appropriate assume L/T capital gains is subject to 20%)

3.Fox Realty purchased a residential property for $1,500,000. The latest available real estate assessment valued the property at $1,750,000 of which 20% was allocated to the land. How should record this acquisition on its books?

4.Terry owns land that she acquired three years ago as an investment for $250,000. Because the land has not appreciated in value as she had anticipated, she sells it to her brother, Chris, for its fair market value of $180,000. Chris sells the land two years later for $240,000. What are the tax consequences for Chris and Terry?

5.Sam and Fran are married with 3 dependent children. They file a joint return in 2020. Their salaries totaled $175,000. They earned taxable interest income of $3,600. Fran received a cash gift from her parents of $10,000. Sam inherited stock from his uncle. At the time of his uncle's death the stock was valued at $20,000. The uncle's original cost basis was $12,000. Sam sold the stock for $23,000 on December 30th and received the proceeds on Jan. 2nd. What is Sam and Fran's tax liability?

6.Tim and Sarah are filing married filing jointly. They had $145,000 of income from salaries and a S/T capital gain of $2,000. They had itemized deductions that total $19,750. What is their tax liability?

7.Tom and Nancy, married taxpayers earned $250,000 in salaries. They had itemized deductions of $30,000. Tom sold the family car for $5,000. He paid $17,000 for the car. Calculate Tom and Nancy's taxable income?

8.Alex, who is single and works as a caddie at a country club, ask you to help her calculate her tax liability. She tells you about the following transactions: She earned $32,000 in wages from the country club, $1,000 of interest income from a savings account. In addition, Alex had a $5,000 L/T capital loss carry forward and gained $20,000 on the sale of a stock. Alex purchased the shares on insider information (an illegal activity) and owned for stock 5 days. In June of the current year, Alex's inherited a 1,000 shares of IBM stock from her aunt. The stock FMV at the time of death was $47,000. Her aunt's basis was $5,000. At the end of the year, the stock had appreciated to $75,000, but Alex did not sell his shares. He had itemized deductions that totaled $9,000. What is Alex's tax liability?

9.Ben owns 1,000 shares of XYZ corp. worth $10,000. During the year he receives an additional 200 shares of this stock as a stock dividend. His shares are now worth $12,500. How much income does Ben have to income in income because of the stock dividend?

10.On December 29, 2020, an employee received a $5,000 check from her employer's client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30, 2020. The employer deposited the check on December 31, 2020, but the bank did not credit the employer's bank account until January 2, 2021. What are the tax consequences of this transaction?