Paragraph title Subtle E... Emphasis Intense E Strong Quote Styles ACCT407 Chapter 6 homework (Due Thursday March 20 at the start of the cdass) Please show the detailed explanations for the credits Student name: Sam is a sole proprietor who owns, leases, and manages several apartment complexes and office buildings. During the current year, Sam incurs the following expenses a $200 in attorney's fees for title searches on a new property Sam has acquired b. $450 in legal fees in an action brought to collect back rents. c S500 to hisCPA for the preparation of his federal i come trein $400 s for the preparation of Schedule C (Profit or Loss from Business) d $300 in attorney's fees for drafting a will e. $250 in attorney's fees in an unsuccessful attempt to prevent the city from rezoning the area of the city where several of his office buildings are located PART I (5 Points) 1. During 2017, Kent, a 40-year ol single taxpayer, teports the following iems of income and Income: $150,000 Dividends from Alta Corporation Interest income from a savings account Rental income from a small apartment he owns Tax-exempt bond interest 800 1,500 8,000 Requirement: Which of these expenditures are deductible? Are they for or from AGI deductions? Expenses Medical expenses Mortgage interest on a principal residence Real property taxes on the principal residence Charitable contributions Casualty loss-personal Miscellaneous itemized deductions Loss from the sale of Delta Corporation stock (held for two years) Expenses incurred on the rental apartment 6,000 7,000 3. Ned bought stock for $20,000 that he sold to his brothet, Ray, for $16,000. Ray then sella the 6,100 1,200 stock to Bobby, an related party, for $21,000. a. What is Ned's realized and recognized gain or loss on the sale to Ray? b. What is Ray's basis in the stock? c. What is Ray's realized and recognized gain or losin the sale to Bobby? 2,000 500 Property taxes Utilities 2,400 1,700 800 10,000 Insurance Alimony payments to former wife What is Kent's AGI for the year? Paragraph title Subtle E... Emphasis Intense E Strong Quote Styles ACCT407 Chapter 6 homework (Due Thursday March 20 at the start of the cdass) Please show the detailed explanations for the credits Student name: Sam is a sole proprietor who owns, leases, and manages several apartment complexes and office buildings. During the current year, Sam incurs the following expenses a $200 in attorney's fees for title searches on a new property Sam has acquired b. $450 in legal fees in an action brought to collect back rents. c S500 to hisCPA for the preparation of his federal i come trein $400 s for the preparation of Schedule C (Profit or Loss from Business) d $300 in attorney's fees for drafting a will e. $250 in attorney's fees in an unsuccessful attempt to prevent the city from rezoning the area of the city where several of his office buildings are located PART I (5 Points) 1. During 2017, Kent, a 40-year ol single taxpayer, teports the following iems of income and Income: $150,000 Dividends from Alta Corporation Interest income from a savings account Rental income from a small apartment he owns Tax-exempt bond interest 800 1,500 8,000 Requirement: Which of these expenditures are deductible? Are they for or from AGI deductions? Expenses Medical expenses Mortgage interest on a principal residence Real property taxes on the principal residence Charitable contributions Casualty loss-personal Miscellaneous itemized deductions Loss from the sale of Delta Corporation stock (held for two years) Expenses incurred on the rental apartment 6,000 7,000 3. Ned bought stock for $20,000 that he sold to his brothet, Ray, for $16,000. Ray then sella the 6,100 1,200 stock to Bobby, an related party, for $21,000. a. What is Ned's realized and recognized gain or loss on the sale to Ray? b. What is Ray's basis in the stock? c. What is Ray's realized and recognized gain or losin the sale to Bobby? 2,000 500 Property taxes Utilities 2,400 1,700 800 10,000 Insurance Alimony payments to former wife What is Kent's AGI for the year