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ACC 307 Week 1 Chapter 3 Homework

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Chapter 3

Question 2: During the year, Addison is involved in the following transactions. What are the possible Federal income tax effects of these transactions?

  • Lost money gambling on a trip to a casino.  –
  • Helped pay for her neighbor Howie’s dental bills. Howie is a good friend who is unemployed. –
  • Received from the IRS a tax refund due to Addison’s overpayment of last year’s Federal income taxes.
  • Paid a traffic ticket received while double parking to attend a business meeting.
  • Contributed to the mayor’s reelection campaign. The mayor had promised Addison to rezone some of her land. –
  • Borrowed money from a bank to make a down payment on an automobile. –
  • Sold a houseboat and a camper on eBay. Both were personal use items, and the gain from one offset the loss from the other. –
  • Her dependent Aunt Katherine died on June 3 of the year.
    • Paid for Katherine’s funeral expenses. –
    • Paid premiums on her dependent son’s life insurance policy. –


Question 10: David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following?

  1. David’s own individual filing requirement.
  2. David’s personal exemption. 
  3. The standard deduction allowed to David.
  4. The availability of any additional standard deduction.


Question 21: Comment on the availability of head-of-household filing status in each of the following independent situations.

  1. Al lives alone but maintains the household of his parents. In July, the parents use their savings to purchase a Lexus automobile for $62,000.


  1. Bree maintains a home in which she and her father live. The father then enters a nursing facility for treatment for a mental illness.
  2. Chloe a single parent, maintains a home in which she and Dean, Chloe’s unmarried son, live. Dean, age 18, earns $5,000 from a part-time job.
  3. Assume the same facts as in (c), except that Dean is age 19, not 18.
  4. Chee is married and maintains a household in which he and his dependent stepson live.
  5. Evie lives alone but maintains the household where her dependent daughter Zoe lives.
  6. Frank maintains a household that includes Georgia, an unrelated friend who qualifies as his dependent.


Question 29: Compute Emily’s 2014 taxable income on the basis of the following information. Her filing status is single.

  • Salary - $85,000
  • Interest income from bonds issued by Xerox - 1,100
  • Alimony payments received - 6,000
  • Contribution to traditional IRA -  5,500
  • Gift from parents  - 25,000
  • Capital gain from stock investment, held for 7 months - 2,000
  • Amount lost in football office pool (sports gambling is illegal where Emily lives)-  500
  • Number of potential dependents (two cousins, who live in Canada) - ?
  • Age 40



Question 46: Roy and Brandi are engaged and plan to get married. Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Brandi is employed and reports $61,000 in wages. How much Federal income tax, if any, can Brandi save if she and Roy marry in 2014 and file a joint return?

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