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Al lives alone but maintains the household of his parents. In July 2012,
the parents use their savings to purchase a Lexus automobile for $62,000.
Bree maintains a home in which she and her father reside. The father
then enters a nursing facility for treatment for a mental illness.
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.
Sybil, age forty, is single and supports her dependent parents, who live
with her. Sybil also supports her grandfather, who lives in a nursing
home. She has AGI of $80,000 and itemized deductions of $8,000.
Scott, age forty-nine, is a surviving spouse. His household includes two
unmarried stepsons who qualify as his dependents. He has AGI of
$75,000 and itemized deductions of $10,100.