1.No need to explain. Please answer all the questions correctly. Thank you in advance Problem 4-1SQualified Business Income (QBI) Deduction (LO 4.10)Sanjay is a single taxpayer that operates a curry cart on the streets of Baltimore. The business is operated as a sole proprietorship with no employees(Sanjay does everything). Sanjay's Schedule C reports income of $87,000. His taxable income is $80,000 and includes no capital gains.Compute Sanjay's QBI deduction.Problem 4-8Sale of a Personal Residence (LO 4.6)On July 1, 2021, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $50,000. Theexpenses associated with the sale of his home total $21,000, On December 15, 2021, Ted purchases and occupies a new residence at a cost of $225,000.Calculate Ted's realized gain, recognized gain, and the adjusted basis of his new residence.Realized gainRecognized gainAdjusted basis of the new residence eBookProblem 4-6Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5)In 2021, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000.If an amount is zero, enter "0".a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2021.b. Calculate the amount and nature of his capital loss carryforward.Long-term capital loss carryforwardShort-term capital loss carryforwardc. For how long may Michael carry forward any long-term unused loss?eBookProblem 4-7 (Algorithmic)Sale of a Personal Residence (LO 4.6)Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2021, for $230,000. He fived in the house for 7 years. The expensesof the sale are $16,100, and he has made capital improvements of $6,900. Larry's cost basis in his residence is $133,400. On November 30, 2021, Larrypurchases and occupies a new residence at a cost of $287,500,Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.If an amount is zero, enter "0".a. Realized gainb. Recognized gainC. Adjusted basis of new residence

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Problem 4-15 Qualified Business Income (QBI) Deduction (LO 4.10) Sanjay is a single taxpayer that operates a curry cart on the streets of Baltimore. The business is operated as a sole proprietorship with no employees (Sanjay does everything). Sanjay's Schedule C reports income of $87,000. His taxable Income is $80,000 and includes no capital gains. Compute Sanjay's QBI deduction.

Problem 4-15 Qualified Business Income (QBI) Deduction (LO 4.10) Sanjay is a single taxpayer that operates a curry cart on the streets of Baltimore. The business is operated as a sole proprietorship with no employees (Sanjay does everything). Sanjay's Schedule C reports income of $87,000. His taxable Income is $80,000 and includes no capital gains. Compute Sanjay's QBI deduction.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 31CE

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