Tax Module 5 Assignment
9/22/2014
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Assignment: Module 05 Assignment
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Discussion Question 6-4
Deductions for and from AGI (LO. 1)
Classify each of the following expenditures as a deduction for AGI, a deduction from AGI, or not deductible. Ignore any possible limitations.
a. Sam gives $5,000 to his father as a birthday gift.
_________________
b. Sandra gives $1,000 to her church.
_________________
c. Albert pays Dr. Dafashy $500 for medical services rendered.
_________________
d. Mia pays alimony of $12,000 to Bill.
_________________
e. Rex, who is self-employed, contributes $1,000 to his pension plan.
_________________
f. April (the landlord) pays expenses of $500 associated with her rental property.
_________________
2. eBook eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
Discussion Question 6-5
Deductions for and from AGI (LO. 1)
Classify each of the following expenditures as a deduction for AGI, partially deductible for AGI, a deduction from AGI, partially deductible from AGI, or not deductible:
a.
Amos contributes to his H.R. 10 plan (i.e., a retirement plan for a self-employed individual).
_________________
b.
Keith pays child support to his former wife, Renee, for the support of their son, Chris.
_________________
c.
Judy pays professional dues that are reimbursed by her employer. Assume that adequate reporting is made. d.
_________________
Ted pays $500 as the monthly mortgage payment on his personal residence. Of this amount, $100 represents a payment on principal, and $400 represents an interest payment.
e.
_________________
Lynn pays a moving company for moving her household goods (a qualified moving expense) to Detroit, where she is starting a new job. She is not reimbursed by her employer.
f.
_________________
Ralph pays property taxes on his personal residence.
CengageNOW | Assignment | Print
Assignment: Module 05 Assignment
1. eBook eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
Discussion Question 6-4
Deductions for and from AGI (LO. 1)
Classify each of the following expenditures as a deduction for AGI, a deduction from AGI, or not deductible. Ignore any possible limitations.
a. Sam gives $5,000 to his father as a birthday gift.
_________________
b. Sandra gives $1,000 to her church.
_________________
c. Albert pays Dr. Dafashy $500 for medical services rendered.
_________________
d. Mia pays alimony of $12,000 to Bill.
_________________
e. Rex, who is self-employed, contributes $1,000 to his pension plan.
_________________
f. April (the landlord) pays expenses of $500 associated with her rental property.
_________________
2. eBook eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
eBook
Discussion Question 6-5
Deductions for and from AGI (LO. 1)
Classify each of the following expenditures as a deduction for AGI, partially deductible for AGI, a deduction from AGI, partially deductible from AGI, or not deductible:
a.
Amos contributes to his H.R. 10 plan (i.e., a retirement plan for a self-employed individual).
_________________
b.
Keith pays child support to his former wife, Renee, for the support of their son, Chris.
_________________
c.
Judy pays professional dues that are reimbursed by her employer. Assume that adequate reporting is made. d.
_________________
Ted pays $500 as the monthly mortgage payment on his personal residence. Of this amount, $100 represents a payment on principal, and $400 represents an interest payment.
e.
_________________
Lynn pays a moving company for moving her household goods (a qualified moving expense) to Detroit, where she is starting a new job. She is not reimbursed by her employer.
f.
_________________
Ralph pays property taxes on his personal residence.