Address the following scenarios:
Tax-exempt interest income
$3,000
Salary paid to Andy
(52,000)
Charitable contributions
(6,000)
Dividends received from a foreign corporation
5,000
Short-term capital loss
Depreciation recapture income
11,000
Refund of prior state income taxes
Cost of goods sold
(72,000)
Long-term capital loss
(7,000)
Administrative expenses
(18,000)
Long-term capital gain
14,000
Selling expenses
(11,000)
Andy’s beginning stock basis
32,000
Andy’s additional stock purchases
9,000
Beginning AAA
31,000
Andy’s loan to corporation
20,000
But Glenda was wrong, and her return was audited. The IRS used its own appraisers to set the value of the sculpture at $400,000. Glenda is in the 33% Federal income tax bracket, while Leland's fee for preparing the appraisal was $20,000.
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