(SOLVED) Mr B owns 10 percent of the stock of ABC

Mr. B owns 10 percent of the stock of ABC Inc. and is the corporation’s director of marketing.
ABC has a medical insurance plan for its employees. This year, it paid $1,400 of premiums to
the insurance carrier for Mr. B’s coverage. Contrast the treatment of this payment to Mr. […]

Two years ago, Corporation WZ granted a stock option to employee R to purchase 2,500
shares of WZ stock for $30 per share. Since the date of grant, the market price of the stock has
risen steadily and reached $31 just days ago. However, the option period is 10 years. […]

Mr. and Mrs. WG’s AGI averages $600,000, and they are in the 39.6 percent tax bracket. They
support their 22-year-old son who is a full-time college student. Mr. and Mrs. WG are
considering giving him a bond portfolio that generates $25,000 annual interest income. He could
support himself with this […]

Tim Loker is the five-year-old godson of Mr. and Mrs. Bryant. Tim’s parents died in an accident
on December 18 of last year. Tim was seriously injured in the accident and remained
hospitalized until August 12 of this year. After his discharge from the hospital, Tim moved into
the Bryants’ […]

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Sam Maceo, a single individual, is a third-grade teacher at Lewis Elementary School. This year,
Sam spent $440 of his own money to buy Halloween classroom decorations, various art
supplies, and reference books for his students because the school district had no funds for such
items. Sam’s unreimbursed expenditure qualifies […]

Bert Baker and Ernestine Moffet were never formally married but have lived together as
husband and wife for the last 14 years. Bert and Ernestine reside in Washington, D.C., a
jurisdiction that recognizes common law marriages as valid. Consequently, they filed both a joint
district income tax return and a […]

Mr. and Mrs. D had the following income items: Mr. D’s salary ……………………………… $52,500 Mrs. D
Schedule C net profit ……………… 41,800 Interest income …………………………….. 1,300 Mrs. D’s sel
employment tax was $5,906. The couple had $8,070 itemized deductions and no children or
other dependents. Compute their income tax on a […]

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