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Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
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72. Latrell recently used his Delta Sky miles to purchase a free roundtrip ticket to Milan, Italy (value $1,200). The frequent flyer miles used to purchase the ticket were generated from Latrell’s business travel as a CPA. Latrell’s employer paid for his business trips, and he was not taxed on the travel reimbursement. Use an available tax research service to determine how much Income, if any, does Latrell have to recognize as a result of purchasing an airline ticket with Sky miles earned from business travel. 49. Bendetta, a high-tax-rate taxpayer, owns several rental properties and would like to shift some income to her daughter, Jenine. Bendetta instructs her tenants to send their rent checks to Jenine so Jenine can report the rental income. Will this shift the income from Bendetta to Jenine? Why, or why not? 40. Marc and Michelle are married and earned salaries this year (2009) of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc and Michelle also paid $2,500 of qualifying moving expenses, and Marc paid alimony to a prior spouse in the amount of $1,500. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $1,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year. a. What is Marc and Michelle’s gross income? b. What is Marc and Michelle’s adjusted gross income? c. What is the total amount of Marc and Michelle’s deductions from AGI? d. What is Marc and Michelle’s taxable income? e. What is Marc and Michelle’s taxes payable or refund due for the year? (Use the tax rate schedules.) 41. Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents. Their income from all sources this year (2009) totaled $200,000 and included a gain from the sale of their home, which they purchased a few years ago for $200,000 and sold this year for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions. a. What is the Jackson’s taxable income? b. What would their taxable income be if their itemized deductions totaled $6,000 instead of $16,500? c. What would their taxable income be if they had $0 itemized deductions and $6,000 of for AGI deductions? d. Assume the original facts except that they also incurred a loss of $5,000 on the sale of some of their investment assets. What effect does the $5,000 loss have on their taxable income? e. Assume the original facts except that the Jacksons owned investments that appreciated by $10,000 during the year. The Jacksons believe the investments will continue to appreciate, so they did not sell the investments during this year. What is the Jackson’s taxable income?
Submitted: 6 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 6 years ago.



Please advise your deadline as well as the name of the book you are using: Title, author's name(s), and edition.


Also, please post your questions only once so that you do not get more than one expert to work on your assignment while you will only accept one answer


Thanks a million

Expert:  Manal Elkhoshkhany replied 6 years ago.

Ok I was able to find the solutions


Please click here for the solutions



P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For BusinessTutor" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.


Thank you

Customer: replied 6 years ago.
I couldn't down load file. Would you please direct me to different link.
Expert:  Manal Elkhoshkhany replied 6 years ago.

You need to spend $3 to view this post. Add Funds to your account and buy credits.
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Customer: replied 6 years ago.

could you please provide the answer to these questions..thanks


Comprehensive Problem 67 (Ch. 5)

Comprehensive Problem 66 (Ch. 6)

Comprehensive Problem 81 (Ch. 8)


Expert:  Manal Elkhoshkhany replied 6 years ago.



I do not know the name of the book you are using: Title,author's name, and edition

Thank you

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