Required information Problem 6-38 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $65,200 and has incurred the following medical expenses: Problem 6-38 Part-a (Algo) a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Required information Problem 6-41 (LO 6-1, LO 6-2) (AlgO) [The following information applies to the questions displayed below.] Charles has AGI of $44,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. Problem 6.41 Part-b (Algo) b. Suppose that Charles holds the land for rent. Required information Problem 6-44 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] This year Randy paid $28,900 of interest on his residence. (Randy borrowed $462,000 to buy his residence, which is currently worth $512,000.) Randy also paid $2,800 of interest on his car loan and $4,650 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? Problem 6-44 Part-a (Algo) a. Randy received $2,440 of interest this year and no other investment income or expenses. His AGI is $75,000. Required information Problem 6-44 (LO 6-2) (Algo) [The following information opplies to the questions displayed below.] This year Randy paid $28,900 of interest on his residence. (Randy borrowed $462,000 to buy his residence, which is currently worth $512,000.) Randy also paid $2,800 of interest on his car loan and $4,650 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? Problem 6-44 Part-b (Algo) b. Randy had no investment income this year, and his AGI is $75,000. Required information Problem 6-50 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-a (Algo) a. Calvin's AGl is $200,000. Required information Problem 6-50 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-c (Algo) c. Calvin's AGl is $99,000. Required information Problem 6-50 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-e (Algo) e. Calvin's AGl is $200,000, but the painting is worth $70,000. Required information Problem 6-38 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $65,200 and has incurred the following medical expenses: Problem 6-38 Part-a (Algo) a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Required information Problem 6-41 (LO 6-1, LO 6-2) (AlgO) [The following information applies to the questions displayed below.] Charles has AGI of $44,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. Problem 6.41 Part-b (Algo) b. Suppose that Charles holds the land for rent. Required information Problem 6-44 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] This year Randy paid $28,900 of interest on his residence. (Randy borrowed $462,000 to buy his residence, which is currently worth $512,000.) Randy also paid $2,800 of interest on his car loan and $4,650 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? Problem 6-44 Part-a (Algo) a. Randy received $2,440 of interest this year and no other investment income or expenses. His AGI is $75,000. Required information Problem 6-44 (LO 6-2) (Algo) [The following information opplies to the questions displayed below.] This year Randy paid $28,900 of interest on his residence. (Randy borrowed $462,000 to buy his residence, which is currently worth $512,000.) Randy also paid $2,800 of interest on his car loan and $4,650 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? Problem 6-44 Part-b (Algo) b. Randy had no investment income this year, and his AGI is $75,000. Required information Problem 6-50 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-a (Algo) a. Calvin's AGl is $200,000. Required information Problem 6-50 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-c (Algo) c. Calvin's AGl is $99,000. Required information Problem 6-50 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-e (Algo) e. Calvin's AGl is $200,000, but the painting is worth $70,000