ACC 4010 help A Guide to career/Snaptutorial ACC 4010 help A Guide to career/Snaptutorial | Page 2

Chloe, a single parent, maintains a home in which she and Dean,
Chloe's unmarried son, live. Dean, age eighteen, earns $5,000 from a
part-time job.
Assume the same facts as in (c) except that Dean is age nineteen, not
eighteen.
Chee is married and maintains a household in which he and his
dependent stepson live.
Evie lives alone but maintains the household where her dependent
daughter Zoe lives.
Frank maintains a household that includes Georgia, an unrelated
friend who qualifies as his dependent.
Understanding Transactions vis-à-vis Taxes:
Gain on the sale of stock held as an investment for ten months.
Gain on the sale of land held as an investment for four years.
Gain on the sale of a houseboat owned for two years and used for
family vacations.
Loss on the sale of a reconditioned motorcycle owned for three years
and used for recreational purposes.
Compute Taxable Income:
Compute taxable income in each of the following independent
situations.
Drew and Meg, ages forty and forty-one respectively, are married and
file a joint return. In addition to four dependent children, they have
AGI of $65,000 and itemized deductions of $12,000.