Loan from college financial aid office

State scholarship $-$ tuition

State scholarship $-$ room and board

$$6,000$

$3,000$

What is Ron's adjusted gross income for $2023?$

See hw problem $5-26.$

Answer:

Include all gross income items here

Less: deductions FOR AG

Equals: AGI:

$7.$On January $1,$ Father $($Jake$)$ loaned Daughter $($Kimberly$)$ $$100,000$ to purchase a new car and to pay off college loans. There were no other loans outstanding between Jake and Kimberly. The relevant Federal rate on interest was $6$ percent. The loan was outstanding for the entire year. Calculate imputed interest for the year.

See hw problem $4-48.$

$8.$ During $2023,$ Trevor has the following capital transactions:

LTCG from sale of Microsoft stock

LTCG from the sale of land

$$6,000$

STCG from sale of Disney stock

$2,000$

STCL from sale of Hang Ten stock

$4,000$

$10,000$

After the netting process, the following results: See hw problem $3-26.$

Additional problems include:

Tax benefit rule $-$ see hw problem $5-56$b$.$

Statute of limitations $-$ see hw in chapter $1.$

Dependency tests, filing status $-$ see hw in chapter $3.$