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Buy here: http:// student. land / ac-309-unit-3-chapter-problems /
Unit 3 Chapter Problems
Perform Chapter 6 Problem 5, 37 & 38( pages 6-34 & 37 in the text) and Chapter 7 Problem 13, 18, 32, 47( pages 7-30, 31, 32 & 34 in the text)
5. LO. 1 Classify each of the following expenditures as a deduction for AGI, a deduction from AGI, or not deductible:
37. LO. 2 Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2014. Gross receipts were $ 300,000. The following expenses were incurred and paid as indicated:
38. LO. 3 Doug incurred and paid the following expenses during the year:
Chapter 7
13. LO. 4 Mary’ s diamond ring was stolen in 2013. She originally paid $ 8,000 for the ring, but it was worth considerably more at the time of the theft. Mary filed an insurance claim for the stolen ring, but the claim was denied. Because the insurance claim was denied, Mary took a casualty loss for the stolen ring on her 2013 tax return. In 2013,
Mary had AGI of $ 40,000. In 2014, the insurance company had a“ change of heart” and sent Mary a check for $ 5,000 for the stolen ring. Discuss the proper tax treatment of the $ 5,000 Mary received from the insurance company in 2014.