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linda_us, Master's Degree
Category: Multiple Problems
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Experience:  A tutor for Business, Finance, Accounts and other related topics.
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In 1980, Jonathan leased real estate to Jay Corporation years.

Customer Question

doing my mid term right now-its kind of tough.
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  PDtax replied 1 year ago.
Welcome to the site. I'm PDtax, and saw your request.
Can you post the questions and your deadline? I will review them and advise.
PDtax
Customer: replied 1 year ago.
In 1980, Jonathan leased real estate to Jay Corporation for 20 years. Jay Corporation made significant capital improvements to the property. In 2000, Jay decided not to renew the lease and vacated the property. At that time, the value of the improvements was $900,000. Jonathan sold the real estate in 2010 for $1,300,000, of which $1,000,000 is attributable to the improvements. How and when is Jonathan taxed on the improvements made by Jay Corporation?In 2011, Emily invests $100,000 in a limited partnership that is not a passive activity. During 2011, her share of the partnership loss is $70,000. In 2011, her share of the partnership loss is $50,000. How much can Emily deduct in 2011 and 2012?Nora purchased a new automobile on July 20, 2011, for $29,000. The car was used 60% for business and 40% for personal use. In 2012, the car was used 30% for business and 70% for personal use. If Congress reenacts additional first-year depreciation for 2011, Nora elects not to take additional first-year depreciation. Determine the cost recovery recapture and the cost recovery deduction for 2012.Misty owns stock in Violet, Inc., for which her adjusted basis is $75,000. She receives a cash distribution of $52,000 from Violet.
I. What is Misty's adjusted basis for the stock if the distribution is a taxable dividend?II. What is Misty's adjusted basis for the stock if the distribution is a return of capital?Homer (age 68) and his wife Jean (age 70) file a joint return. They furnish all of the support of Luther (Homer's 90-year-old father), who lives with them. For 2011, they received $6,000 of interest income on city of Chicago bonds and interest income on corporate bonds of $48,000. Compute Homer’s and Jean's taxable income for 2011.Rachel lives and works in Chicago. She is the regional sales manager for a national fast food chain. Due to unusual developments, she is compelled to work six straight weeks in the St. Louis area. Instead of spending the weekend there, she flies home every Friday night and returns early Monday morning. The cost of coming home for the weekend approximates $500. Had she stayed in St. Louis, deductible meals and lodging would have been $600. How much, if any, may Rachel deduct as to each weekend?Deadline 9 pm pst
Expert:  PDtax replied 1 year ago.
You need all of this in an hour? By midnight EST?
I will post an Offer for the time premium and deadline. If you accept by 11:10 EST, I will do all I can by midnight.
PDtax
Customer: replied 1 year ago.
That it too much money. This is my first time using this service and have no history on the quality of work.
Expert:  PDtax replied 1 year ago.
I am sorry you did not accept my offer.
I will opt out. Other experts can review your request and assist.
PDtax

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