=================================================== ACC 401 Week 2 DQ 1 Adjusted Gross Income FOR MORE CLASSES VISIT www . acc401assist . com
Chapter 5 , complete problem 54 , problem 61 , and problem 62
54 . Steve purchased a personal residence from Adam . To sell the residence , Adam agreed to pay $ 4,500 in points related to Steve ’ s mortgage . Discuss the tax consequences from the perspective of both Steve and Adam .
61 . Reynaldo and Sonya , a married couple , had flood damage in their home due to a faulty water heater during 2009 , which ruined the furniture in their garage . The following items were completely destroyed and not salvageable
Their homeowner ’ s insurance policy had a $ 10,000 deductible for the personal property , which was deducted from their insurance reimbursement of $ 12,700 , resulting in a net payment of $ 2,800 . Their AGI for 2009 was $ 30,000 . What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2009 ?
62 . During the year 2009 , Ricki , who is not self-employed and does not receive employer reimbursement for business expenses , drove her car 5,000 miles to visit clients , 10,000 miles to get to her office , and 500 miles to attend business-related seminars . She spent $ 300 for airfare to another business seminar and $ 200 for parking at her office . Using the car expense rate of 55 cents per mile , what is her deductible transportation expense ?
=================================================== ACC 401 Week 2 DQ 1 Adjusted Gross Income FOR MORE CLASSES VISIT www . acc401assist . com