For the current football season, Gordon Corporation pays $50,000 for a skybox (containing 15 seats) at Veterans Stadium for eight home games Regular non skybox seats at each game range from $120 to $150 a seat In November, a Gordon employee and ten clients use the skybox to attend a game The event is preceded by a bona fide business discussion, and Gordon spent $1,000 for food and drinks during the game What is Gordons deduction Meg and Kip are staff accountants at a major public accounting firm Both are pursuing a law degree in a night program at local law school Meg contends that the cost of the program is a deduction for income tax purposes, while Kip maintains that it is not Who is correct and why If a firm retains James to provide services, then, James may either be an employee or be self employed (i e , independent contractor) What are the tax advantages to the business of having the service provider classified as self employed What are the advantages and disadvantages to the service provider of self employed status For calendar year 2017, Thurston and Eunice Howell (ages 59 and 60) file a joint return reflecting AGI of $280,000 They incur the following expenditures Medical expenses before 10 of AGI floor $30,000 Casualty loss (not covered by insurance) before statutory floors 30,000 Interest on home mortgage 10,000 Interest on credit cards 800 Property taxes on home 13,000 Charitable contributions 17,000 State income tax 15,000 Tax return preparation fees 1,200 What is the amount of itemized deductions the Thurstons may claim Carol sold her personal residence to Mike for $300,000 Before the sale, Carol paid the real estate taxes of $8,000 for the calendar year For income tax purposes, the deduction is apportioned as follows $5,000 to Carol and $3,000 to Mike a What is Mikes basis in the residence b What is Carols amount realized from the sale of the residence c What amount of real estate taxes can Mike deduct d What amount of real estate taxes can Carol deduct

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For the current football season, Gordon Corporation pays $50,000 for a skybox (containing 15 seats) at Veterans Stadium for eight home games. Regular non-skybox seats

For the current football season, Gordon Corporation pays $50,000 for a skybox (containing 15 seats) at Veterans Stadium for eight home games. Regular non-skybox seats at each game range from $120 to $150 a seat. In November, a Gordon employee and ten clients use the skybox to attend a game. The event is preceded by a bona fide business discussion, and Gordon spent $1,000 for food and drinks during the game. What is Gordons deduction?

Meg and Kip are staff accountants at a major public accounting firm. Both are pursuing a law degree in a night program at local law school. Meg contends that the cost of the program is a deduction for income tax purposes, while Kip maintains that it is not. Who is correct and why?

If a firm retains James to provide services, then, James may either be an employee or be self-employed (i.e., independent contractor).

What are the tax advantages to the business of having the service provider classified as self-employed?

What are the advantages and disadvantages to the service provider of self-employed status

For calendar year 2017, Thurston and Eunice Howell (ages 59 and 60) file a joint return reflecting AGI of $280,000. They incur the following expenditures:

Medical expenses before 10%-of-AGI floor	$30,000
Casualty loss (not covered by insurance) before statutory floors	30,000
Interest on home mortgage	10,000
Interest on credit cards	800
Property taxes on home	13,000
Charitable contributions	17,000
State income tax	15,000
Tax return preparation fees	1,200

What is the amount of itemized deductions the Thurstons may claim?

Carol sold her personal residence to Mike for $300,000. Before the sale, Carol paid the real estate taxes of $8,000 for the calendar year. For income tax purposes, the deduction is apportioned as follows: $5,000 to Carol and $3,000 to Mike.

a. What is Mikes basis in the residence? b. What is Carols amount realized from the sale of the residence? c. What amount of real estate taxes can Mike deduct?

d. What amount of real estate taxes can Carol deduct?