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ACCT 323 Week 2 Homework 1. David and Daphne are married and have no children. David is a police sergeant who earns $ 65,000 in 2015, and Daphne is a registered nurse who earns $ 75,000 in 2015. They earn no investment income in 2015, but they did receive a $ 10,000 gift from Daphne's mom. See 102( a). David and Daphne file a joint return in 2015 and take the Standard Deduction. a. What is Daphne's and David's Adjusted Gross Income (AGI) and Taxable Income for 2015? 2. Which of the following are inclusions in gross income? a. During the year, stock the taxpayer purchased as an investment doubled in value. b. Amount an off-duty motorcycle police officer received for escorting a funeral procession. c. While his mother was in the hospital, a taxpayer sold her jewelry and gave the money to his girlfriend. d. Child support payments received. e. A damage deposit the taxpayer recovered when he vacated the apartment he had rented. f. Interest received by the taxpayer on an investment in general purpose bonds issued by IBM. g. Amounts received by the taxpayer, a baseball \"Hall of Famer, \" for autographing sports equipment (e.g., balls and gloves). h. Tips received by a bartender from patrons. (Taxpayer is paid a regular salary by the cocktail lounge that employs him.) i. Taxpayer sells his Super Bowl tickets for three times what he paid for them. j. Taxpayer receives a new BMW from his grandmother when he passes the CPA exam. 3. Which of the following are exclusions from gross income? a. Alimony payments received. b. Damages award received by the taxpayer for personal physical injury none were for punitive damages. c. A new golf cart won in a church raffle. d. Amount collected on a loan previously made to a college friend. e. Insurance proceeds paid to the taxpayer on the death of her uncle she was the designated beneficiary under the policy. f. Interest income on City of Chicago bonds. g. Jury duty fees. h. Stolen funds the taxpayer had collected for a local food bank drive. i. Reward paid by the IRS for information provided that led to the conviction of the taxpayer's former employer for tax evasion. j. An envelope containing $8,000 found (and unclaimed) by the taxpayer in a bus station. 4. During the year, Jacob had capital transactions resulting in gains (losses) as follows: a. Sold stock in Wichita company (acquired two years ago) ($1,500) b. Sold collectible coins (held for more than one year) $2,000 c. Sold stock in Bellworth company (acquired six months ago) ($4,100) d. Sold stock in Gypsom company (acquired three years ago) $500 Determine Tamara's net capital gain or loss as a result of these transactions. 5. During the year, Melvin is involved in the following transactions: a. Lost money gambling on a recent trip to a casino. b. Received an IRS tax refund due to his overpayment of last year's Federal income taxes. c. Borrowed money from a bank to make a down payment on a car. d. Sold a houseboat on eBay. Both were personal use items, and the loss on one offset the gain on the other. What are the possible income tax ramifications of these transactions