1. Juan sold IBM stock to Richard for a $10,000 loss. Richard is the husband of Juan’s sister, Carla. How much of the loss can Juan deduct in the current year if Juan’s taxable income is $55,000 and he has no other capital transactions? In answering this case, use an online tax service with only the Internal Revenue Code data-base selected. State your keywords and which online tax service you used to arrive at your answer.
2. On May 1, Rick formed a new corporation, Red, Inc. He spent $3,000 in legal fees and paid the state $600 in incorporation fees. Red, Inc. started operating its business on May 10. How much, if any, Rick or Red, Inc. deduct either of these organizational fees? In answering this case, use an online tax service with only the Internal Revenue Code database selected. State your keywords and which online tax service you used to arrive at your answer
3. Georgia won the Massachusetts lottery, which means that she will receive $28,000 per year for the next 30 years. Georgia purchased the lucky ticket in March, and she was selected the winner in June. Georgia regularly spent $100 per month on lottery tickets, one-third for Massachusetts tickets and two-thirds for Vermont tickets, but is not considered to be in the gambling business.
a.What is Georgia’s gross income from this prize?
b.Is there any corresponding deduction?
4. On July 1, 2018, Tom Brown placed in service in his business qualified seven-year property that cost $450,000, and that he acquired before September 28, 2017. He did not elect to claim a § 179 deduction. How much can Tom deduct in 2018?
5. Maria Gonzalez lives in San Diego, CA. Over a decade ago, Maria’s family emigrated from the Jalisco region of Mexico (a small town known as Etzatlan) to the U.S. and obtained U.S. citizenship shortly thereafter. During the current tax year, brush fires ravaged large parts of Jalisco. Although Maria had no close relatives left in the region, her family history stimulated her generosity and she made a $3,000 cash contribution to the Associacion Comunitaria De Autosuficiencia A.c., a registered Mexican charity that helps farmers engage in more sustainable techniques (the fires were attributed in part to farmers burn-ing their fields). She found the charity after reading an Internet news item on the fires. The funds were used to provide immediate food, shelter, and clothing to fire victims and to develop communications to discourage field burning as a farming technique. Maria generated adjusted gross income of $60,000 in the current year. Is Maria’s charitable contribution deductible for income tax purposes? In answering this case, use an online tax service with only the Internal Revenue Code database selected. State your key-words and which online tax service you used to arrive at your answer
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