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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).
1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr
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The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following info
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Income Tax Basis - (1) For tax purposes, concept of basis determines proper amount of gain to report when an ASSET is sold. Basis is usually the cost paid for an asset plus amounts
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