T and S, a married couple, have one son, F, who is 15 years old and who lives in the family home all year T and S have also taken in a F's friend, A, who is also 15 years old and who has lived with T and S since February of the current year T and S have not legally adopted A, but consider him their son T and S provide all the support for both F and A Select the true statement F is a qualifying child of T and S and A is not a dependent of T and S F is a qualifying child of T and S and A is a qualifying relative of T and S None of these statements is true Both F and A are qualifying children of T and S Based upon the following events that occurred during the year, determine that amount that T must include in gross income T received cash compensation of $72,500 T's employer paid health insurance premiums on their behalf in the amount of $5,500 T's neighbor walked T's dog regularly in exchange for use of T's garage the fair value of the garage rental was $1,300 T's shares in XYZ, Inc increased in value by $7,500 T did not sell the shares T received interest payments of $3,500 on a City of New York bond T received interest payments of $2,500 on a Coca Cola Corporation bond T received a gift from their parents in the amount of $17,000 T received an inheritance from their uncle in the amount of $6,000 T received life insurance proceeds of $60,000 from a policy owned by and insuring the life of T's late uncle T is an unmarried taxpayer who is self employed He also owns a rental property as an investment Given the following items of income and deduction, determine T's AGI Business revenues $60,000 Business expenses $17,000 Rental revenues $15,000 Rental expenses $11,000 Gambling winnings $2,500 Gambling losses $1,000 Self employment tax on business income (100 ) $6,076 Health insurance premiums paid $9,000 Mortgage interest paid $11,000 State income taxes paid $3,500 Charitable contributions $500 Enter asnwer T is a single taxpayer On 30 April of 2019, T sold his home for $799,000 and paid $47,000 in selling expenses T acquired the home in January of 2014 for $492,000 and has used it as his primary residence since 15 January 2017 Determine the amount of gain that T must include in income as a result of this sale Enter answer

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Posted on Sep 16, 2024

T and S, a married couple, have one son, F, who is 15 years old and who lives in the family home all year. T and S have also taken in a F's friend, A, who is also 15 years old and who has lived with T and S since February of the current year. T and S have not legally adopted A, but consider him their son. T and S provide all the support for both F and A. Select the true statement.

F is a qualifying child of T and S and A is not a dependent of T and S.

F is a qualifying child of T and S and A is a qualifying relative of T and S.

None of these statements is true.

Both F and A are qualifying children of T and S.

Based upon the following events that occurred during the year, determine that amount that T must include in gross income.

T received cash compensation of $72,500
T's employer paid health insurance premiums on their behalf in the amount of $5,500
T's neighbor walked T's dog regularly in exchange for use of T's garage; the fair value of the garage rental was $1,300
T's shares in XYZ, Inc. increased in value by $7,500; T did not sell the shares
T received interest payments of $3,500 on a City of New York bond
T received interest payments of $2,500 on a Coca-Cola Corporation bond
T received a gift from their parents in the amount of $17,000
T received an inheritance from their uncle in the amount of $6,000
T received life insurance proceeds of $60,000 from a policy owned by and insuring the life of T's late uncle

T is an unmarried taxpayer who is self-employed. He also owns a rental property as an investment. Given the following items of income and deduction, determine T's AGI.

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T is a single taxpayer. On 30 April of 2019, T sold his home for $799,000 and paid $47,000 in selling expenses. T acquired the home in January of 2014 for $492,000 and has used it as his primary residence since 15 January 2017. Determine the amount of gain that T must include in income as a result of this sale.

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