QUESTION 23 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. What is the annual depreciation expense? QUESTION 27 For Questions 26-29, please use tax tables to complete as needed. Phil, 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee. His wife, Sharon is 33 years old and works part time as office manager. They have 1 child, Amy 4 years old (qualities for the $2,000 child care credit. They live in NYC and Sharon's mother cares for Amy at no cost. Phil's Gross salary Sharon's salary Cash gift Interest Income from bank acc Federal income tax w/h State income tax Charitable contributions Rent paid Made a loan on March 1 in current year to a friend, who was starting a business. Principal amount was $10,000 pays Interest annually on December 31. The interest rate is 5%. Purchased 100 shares of IBM for $2,000 in April of this year and sold the stock for December for $1,500 Municipal Bond Interest Purchased 100 shares of Disney for $5,000 and sold it for $1,000. Held the stock for 2 years $56,400 $22,000 $5,000 $100S $2,500 $3,680 $6,000 $10,000 Calculate amount (Loan was done as part of arm's! length transaction. Interest was paid on time) Calculate amount $500 Calculate amount Calculate Phil and Sharon's tax liability before applying any credits or tax payments? QUESTION 23 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. What is the annual depreciation expense? QUESTION 27 For Questions 26-29, please use tax tables to complete as needed. Phil, 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee. His wife, Sharon is 33 years old and works part time as office manager. They have 1 child, Amy 4 years old (qualities for the $2,000 child care credit. They live in NYC and Sharon's mother cares for Amy at no cost. Phil's Gross salary Sharon's salary Cash gift Interest Income from bank acc Federal income tax w/h State income tax Charitable contributions Rent paid Made a loan on March 1 in current year to a friend, who was starting a business. Principal amount was $10,000 pays Interest annually on December 31. The interest rate is 5%. Purchased 100 shares of IBM for $2,000 in April of this year and sold the stock for December for $1,500 Municipal Bond Interest Purchased 100 shares of Disney for $5,000 and sold it for $1,000. Held the stock for 2 years $56,400 $22,000 $5,000 $100S $2,500 $3,680 $6,000 $10,000 Calculate amount (Loan was done as part of arm's! length transaction. Interest was paid on time) Calculate amount $500 Calculate amount Calculate Phil and Sharon's tax liability before applying any credits or tax payments
