Connect ACCT 401 Chapter 6 Assignment – Spring B 2015 1 Taxation I & II

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(ACCT 401 – Spring B 2015 1)

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Chapter 6

1.

Problem 6-36 (LO 6-1)

Clem is married and is a skilled carpenter. Clem’s wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem’s expenses that are deductiblefor AGIthis year (if any) under the following circumstances:

a.

Clem is self-employed and this year he incurred $615 for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $5,790 to provide coverage for herself and Clem.

b.

Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred $1,840 in utilities and depreciation of $1,115.

c.

Clem paid self-employment tax of $18,600 (the employer portion is $9,300), and Wanda had $4,500 of Social Security taxes withheld from her pay.

d.

Clem paid $45 to rent a safe deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires.

2.

Problem 6-42 (LO 6-1)

This year Jack intends to file a married-joint return with two dependents. Jack received $166,200 of salary and paid $7,500 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $4,750 and $32,100 of alimony.(Do not round intermediate calculations.)

a.

What is Jack’s adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI.

b.

Suppose that Jack also reported income of $10,400 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI.

3.

Problem 6-47 (LO 6-2)

Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $60,000 and has incurred the following medical expenses:

Dentist charges

$

1,270

Physician’s charges

2,210

Optical charges

880

Cost of eyeglasses

305

Hospital charges

3,700

Prescription drugs

625

Over-the-counter drugs

515

Medical insurance premiums

1,260

a.

Calculate the amount of medical expenses that will be included with Simpson’s itemized deductions after any applicable limitations.

b.

Suppose that Simpson was reimbursed for $815 of the physician’s charges and $1,730 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson’s itemized deductions after any applicable limitations.

4.

Problem 6-58 (LO 6-2)

Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim’s motorcycle was stolen from his vacation home. Tim originally paid $27,350 for the boat, but he was able to repair the damage for $6,800. Tim paid $17,850 for the motorcycle, but it was worth $19,950 before it was stolen. Insurance reimbursed $1,260 for the boat repairs and the cycle was uninsured.

a.

Calculate Tim’s deductible casualty loss if his AGI is $50,000.

b.

Calculate Tim’s deductible casualty loss if his AGI is $150,000.

c.

How would you answer a. if Tim received an additional $65,000 in interest from municipal bonds this year?

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