tax prob-MasonPhillips, age 45, and his wife, Ruth, live at 230 Wood Lane, Salt Lake
Question # 00017306
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Updated on: 06/10/2014 02:27 AM Due on: 07/21/2014
46. MasonPhillips, age 45, and his wife, Ruth, live at 230 Wood Lane, Salt Lake City, UT 84101.
Mason’s Social Security number is 111-11-1111. Ruth’s Social Security number is 123-45-6789. Mason and Ruth are cash basis taxpayers and had the following items for 2013:
• Salary of $140,000.
• Bad debt of $30,000 from uncollected rent.
• Collection of unpaid rent from a prior year of $6,000.
• Sale of § 1244 stock resulting in a loss of $105,000. The stock was acquired eight months ago.
• Rental income of $60,000.
• Rental expenses of $33,000.
• Casualty loss on rental property of $10,000.
• Personal casualty loss (from one event) of $20,000.
• Theft loss of $5,000 on a computer used 100% associated with their jobs.
• Theft loss of $8,000 on a painting held for investment.
• Other itemized deductions of $18,000.
• Federal income tax withheld of $3,000.
Compute Mason and Ruth’s 2013 Federal income tax payable (or refund due).
Mason’s Social Security number is 111-11-1111. Ruth’s Social Security number is 123-45-6789. Mason and Ruth are cash basis taxpayers and had the following items for 2013:
• Salary of $140,000.
• Bad debt of $30,000 from uncollected rent.
• Collection of unpaid rent from a prior year of $6,000.
• Sale of § 1244 stock resulting in a loss of $105,000. The stock was acquired eight months ago.
• Rental income of $60,000.
• Rental expenses of $33,000.
• Casualty loss on rental property of $10,000.
• Personal casualty loss (from one event) of $20,000.
• Theft loss of $5,000 on a computer used 100% associated with their jobs.
• Theft loss of $8,000 on a painting held for investment.
• Other itemized deductions of $18,000.
• Federal income tax withheld of $3,000.
Compute Mason and Ruth’s 2013 Federal income tax payable (or refund due).
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Solution: tax prob-MasonPhillips, age 45, and his wife, Ruth, live at 230 Wood Lane, Salt Lake