Determine their taxable income for 2012

Assignment Help Financial Accounting

Reference no: EM131190914

Harvey and Betty Duran, both age 37, are married with one dependent child.

Determine their taxable income from the following information for 2012, and their tax liability. Both the ABC and XYZ partnerships are passive activities. Assume dividends are taxed as ordinary income.

Harvey's salary	$45,000
Betty's salary	62,000
Dividends received from domestic corporations (nonqualified)	11,000
Interest	7,000
Itemized deductions	6,920
Net loss from ABC Partnership (acq. 1983)	(14,200)
Net loss from XYZ Partnership (acq. 1988)	(6,000)
Harvey's business income (moonlighting)	7,700
Harvey's business deductions (before home office expenses)	22,000
Harvey's home office expenses	10,500
Net loss on rental property	(31,000)
Federal Income tax withheld	9,600

File it in the tax form 1040.

Attached is the form 1040:-

Attachment:- Form 1040.rar

Reference no: EM131190914

Questions Cloud

Determine the account balance on february 1 : Assuming the February 28 balance of Accounts Payable was $58,540, determine the account balance on February 1.

What is the contribution margin for each type of calculator : The fixed costs for the company are $50,000. What is the contribution margin for each type of calculator? What is the sales mix by sales volume and by unit? What is the weighted-average unit contribution

How have gender schemas influenced your role in society : Explain a time when you might have either felt or observed gender stereotyping. Use the text to support your response. How did it make you feel?

How speakers use of the proofs enhances their effectiveness : Read your chosen speech and identify one instance each in which the speaker appeals to logos, ethos, pathos, and mythos. Analyze how the speaker's use of these proofs enhances their effectiveness as a persuasive speaker.

Determine their taxable income for 2012 : Determine their taxable income from the following information for 2012, and their tax liability. Both the ABC and XYZ partnerships are passive activities.

Calculate the conversion ratio and conversion value : The XLarge Corporation has a convertible bond outstanding with a conversion price of $35 per share. The $1000 par value bonds have a 6% annual coupon rate, paid annually, and 20 years to maturity. The firm's common stock is currently selling for $44 ..

Explain the ethical implications of both options : Examine the current legal and regulatory requirements that are present in this situation. Evaluate the legal, professional, and personal risks associated with both options.

What are areas you believe you still need to improve upon : What are the areas you believe you still need to improve upon? What is the status of the goals you set for yourself in Week One of the course? What are the new goals that you want to achieve after finishing this course?

What are differences in education and training requirements : Provide your opinion about the major differences you found in your research on the competency requirements for psychologists, counselors, and social workers to engage in psychological testing and diagnosing clients.

User Account

All Pages