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- LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00How about if the question is How much is the income tax payable assuming the taxable year is 2021? a. 330,000 b. 775,000 c. 800,000 d. 3,180,000
- Select the best answer. A cash-basis taxpayer deposited $10,000 in a savings account on October 15, 2021. Her account was credited for $10 of interest in 2021 and $100 of interest in 2022. She withdrew the entire $10,110 on December 31, 2022. How much of this interest is taxable in 2022? O question Q 6 A. $0 B. $10 C. $100 D. $110 Submit Answers 93% Complete Exit & ResumQuestion 13 of 15. A single taxpayer who is a dependent under age 65 has to file a tax return if their unearned income exceeds more than which amount? $1,100 $1,200 $4,200 $4,400 Mark for follow up4G " 10:12 O O B 01:58:14 Remaining Multiple Choice X, a resident citizen, had the following income for taxable year 2019: Compensation Income P750,000 Non-taxable Compensation Income 80,000 Gross Business Income 370,000 Deductions 490,000 Other Gross Income 60,000 Compute for the Income Tax due/ payable of Mr. X P67,500 P82,500 P97,500 P670,000 17 of 60
- Question 12 Ching Chong, Chinese, died in 2019. If Ching Chong was a resident of old China town in Manila (Binondo), how much is the deductible standard deduction? Group of answer choices P 500,000 P 1,000,000 Zero or NIL P 5,000,00010. If a decedent dies in 2020 with a taxable estate of $16,000,000 and has never used any of his applicable estate tax credit, what amount of the decedent's estate tax will be absorbed by the applicable estate tax credit amount in 2020 (the maximum amount of estate tax the decedent can avoid)? A. $780,800. B. $1,455,800, C. $4,577,800. D. $11,580,000.What is the taxable income for the year 2020? A. P25,000 B. P75,000 C. P280,620 D. P300,000
- In 2023, 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 $45,000. If an amount is zero, enter "0." Question Content Area a. Calculate the amount of Michael's deduction for capital losses for 2023.fill in the blank 1 of 1$ Feedback Area Feedback If a taxpayer has a net capital gain (net long-term capital gain in excess of net short-term capital loss), the gain is subject to a preferential tax rate. Thus, a taxpayer has to net all of the long-term and short-term capital transactions that take place during a year to calculate the tax liability. The computation of an individual taxpayer's net capital loss is accomplished in a manner similar to the computation of a net capital gain. A net capital loss is incurred when the total capital losses for the period exceed the total capital gains for the period. However, there is a limitation regarding the amount of net capital losses a…S Mutiple Choice Max a single taxpayer has a $280,000 loss from his sole proprietorship in 2022. How much of this loss is not deductible after considering the excess business loss rules? $280.000 $270,000 $10,000 None of the choices are confect save & ExtQuestion 13 Which answer is closest to the Estate tax exemption and top tax rate as of December 31, 2020? Answers: $10M, 45% $11.5M, 40% $12.5M, 30% $5M, 35%
