Reference no: EM132634416
Question - During the year, Addison is involved in the following transactions:
a. Lost money gambling on a recent trip to a casino.
b. Helped pay for her neighbor's dental bills. The neighbor is a good friend who is unemployed.
c. Received from the IRS a tax refund due to Addison's overpayment of last year's Federal income taxes.
d. Paid a traffic ticket received while double parking to attend a business meeting.
e. Contributed to the mayor's reelection campaign. The mayor had promised Addison to have some of her land rezoned. The mayor was reelected and got Addison's land rezoned.
f. Borrowed money from a bank to make a down payment on an automobile.
g. Sold a houseboat and a camper on eBay. Both were personal use items, and the gain from one offset the loss from the other.
h. Paid for dependent grandfather's funeral expenses.
i. Paid premiums on her dependent son's life insurance policy.
Required - What are the possible income tax ramifications of these transactions?
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