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please answer all questions and parts thanks Jered and Samantha are married. Their 2020 taxable income is $95,000 before considering a $10,000 deduction for adjusted
please answer all questions and parts thanks
Jered and Samantha are married. Their 2020 taxable income is $95,000 before considering a $10,000 deduction for adjusted gross income (AGI). What is the tax savings attributable to their deduction? Oa. 2.400 Ob. 50 Oc 510,000 Od 51,200 Oe. $2,200 Earned and unearned Income, Transfers from Others (L03) Elwood is retired. During 2020, he receives $11,000 in Social Security benefits. In addition, he receives $6,000 in cash dividends on stocks that he owns and $8,500 in interest on tax-exempt bonds, Assuming that Elwood is single, what is his grots Income it a. He receives no other Income? b. He also receives $10,800 in unemployment compensation? c. He sells some land for 579,900 and he paid 543,900 for the land? Chelsea, who is single, purchases land for investment purposes in 2015 at a cost of $22,300. In 2020, she sells the land for $38,100. Chelsea's taxable income without considering the land sale is $108,400. What is the effect of the sale of the land on her taxable income, and what is her tax labilty? Refer to the tax rate schedule for calculations. Round all calculations to two decimal places. Assume a long-term capital gains tax rate of 15% The effect of the sale of land is that it her taxable income by the amount of the Her taxable income is and her tax liability is additional ordinary income additional ordinary loss capital gain capital loss For each of the following tax treatments, determine the concept, construct, or doctrine that provides the rationale for the treatment: C. a. During the current year, Trafalger Corporation pays $475,000 in estimated tax payments. Trafalger determines that its actual tax liability is $490,000, so it pays only $15,000 with its tax return. b. The Parsnip Partnership is an accrual basis taxpayer. During 2019, Parsnip deducted as a bad debt expense a $5,000 account receivable that it determined it could not collect In 2020, Parsnip receives a $1,000 payment on the account. Parsnip must include the $1,000 in its 2020 gross income. Kuri sells land for $30,000; its cost was $20,000. Under the sales agreement, the buyer is to pay Kuri's son $10,000 of the sales price. Kuri must recognize a gain of $10,000 on the sale Jevon owns 20% of the stock of Cowdery, Inc., an 5 corporation. During the current year, Cowdery reports income of $45,000 and pays no dividends, Jevon must incl $9,000 in gross income. Assignment-of-Income Doctrine Conduit Entity Pay-as-you-go Concept Tax Benefit Rule d Step by Step Solution
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