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Mason Gregg’s car was destroyed by a flood. Unfortunately, his insurance had lapsed two days before he incurred the loss. Mason uses his car for both business and personal use. Mason, who is self employed, does not have adequate savings to replace the car and must...

In 2005, Angela purchased a personal residence from Victor. She paid $300,000 for the residence. Victor paid real estate taxes of $9,125 for the real estate property tax year, of which $5,500 was allocable to the portion of the year that Angela owned the residence....

Norma, who uses the cash method of accounting, lives in a state that imposes an income tax. In April 2012, she files her state income tax return for 2011 and pays an additional $1,000 in state income taxes. During 2012, her withholdings for state income tax purposes...

Ramon had AGI of $180,000 in 2012. He contributed stock in Charlton, Inc. (a publicly traded corporation), to the American Heart Association, a qualified charitable organization. The stock was worth $105,000 on the date it was contributed. Ramon had acquired it as an...

On December 28, 2012, Roberta purchased four tickets to a charity ball sponsored by the city of San Diego for the benefit of underprivileged children. Each ticket cost $200 and had a fair market value of $35. On the same day as the purchase, Roberta gave the tickets...

In December each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 28% marginal tax bracket, is considering the following alternatives for satisfying the contribution.   Fair Market Value (1)...

Linda, who is a head of household with one dependent, had AGI of $150,000 for 2012. She incurred the following expenses and losses during the year: Medical expenses before the 7.5% of AGI limitation $20,000 State and local income taxes 4,500 State sales tax 1,300 Real...

For calendar year 2012, Stuart and Pamela Gibson file a joint return reflecting AGI of $264,000. Their itemized deductions are as follows: Medical expenses $25,300 Casualty loss after $100 floor (not covered by insurance) 28,600 Home mortgage interest 11,000 Credit...

Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123–45–6789 and 111–11–1111, respectively. Alice’s birthday is September 21, 1964, and Bruce’s is June 27, 1963. They live at 473 Revere Avenue, Lowell, MA...