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Tax Liability CalculationMorgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live with Morgan, but Jerold (a citizen of France) lives in Canada. Morgan earns a $95,000 salary, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used only for vacations. She has $8,200 in itemized deductions.The personal exemption amount for 2013 is $3,900.a. Who qualifies as a dependent of Morgan for the dependency exemption?b. Morgana's taxable income is $ _________c. Using the Tax Rate Schedules, tax liability for Morgan is $________ for 2013. (Do not round intermediate tax computation but if required, your final answer to the nearest whole dollar).
A client of Investment Advisor Associates (IAA), Gillian Bissett, has recently won $5 million in the lottery and has asked for investment advice. She has indicated that she would l
The Johnson family went to dinner at Pasta Palace. Mr. Johnson ordered a meal for $6.25;Mrs.Johnson ordered a meal for $ 7.50; the 2 children ordered individual pizza for $ 4.99 ea
Toggle's Fishing Fleet had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2012. These data apply to each
In relation to the CGT provisions, which of the following statements are correct? Explain your answer citing the relevant law. (a) When disposal of property (CGT event A1) is by
Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husb
The following assignment is due the last day of class or at the final exam, in hard copy format only. You may complete the assignment in groups of 2-4, if desired. Indicate your
Melissa Tang has recently sold her stake in Global Manufacturing Ltd., a firm that she founded in 1990, for $15 million. She is now trying to decide how best to invest the proceeds
Help to do the tax return project
William Potter is a plumber currently operating as a Sole Trader in Levin. William has approached you, a tax accountant, for your advice on certain tax matters. William's brothe
Cecil C. Seymour is a 646-year-old widower. He had income for 2013 as follows: Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest inco
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