. (TCOs 2 & 11) Tyler has a 30% interest in the XY partnership. In the current year, the partnership has

. (TCOs 2 & 11) Tyler has a 30% interest in the XY partnership. In the current year, the partnership has
sales of $2,000,000, cost of goods sold of $1,300,000, and $300,000 in operating expenses. Tyler withdrew $150,000 from the
partnership during the year, but his partner did not withdraw anything. (Points : 5)

Tyler must report $120,000 gross income from the partnership for the year.
The partnership is taxable on $400,000 for the year, and Tyler must include $120,000 in gross income.
Tyler must report $150,000 gross income from the partnership for the year.
Tyler is not required to recognize any income from the partnership for the year.
None of the above

14. (TCOs 2 & 11) Jojo decided to care for her Uncle Vince in his old age. Jojo was unaware that her uncle had
securities valued with a fair market value of $75,000 at the time she started caring for her uncle. Uncle Vince made no promise to
Jojo regarding payment for his care. However, the cost of comparable care in a nursing home would have been $50,000. Vince executed
a will that gave the securities to Jojo. The fair market value of the securities at the time of Vince’s death was $175,000. Jojo
was Vince’s favorite relative, and Jojo did not need the money. Jojo’s gross income from the receipt of the stock is: (Points : 5)

$0.
$50,000.
$75,000.
$175,000.
None of the above

15. (TCOs 2 & 11) Upon the recommendation of a physician, Roberto has a therapeutic pool installed in his
personal residence. He suffers from severe muscular degeneration disease. If Roberto does not use the pool on a regular basis, his
muscles will deteriorate to the point that he will be unable to walk. In connection with this pool, Roberto incurs and pays the
following amounts during the current year:

Therapeutic pool and cost of installation $11,000
Increase in utility bills due to the pool $400
Cost of certified appraisal $500

The pool has an estimated useful life of 5 years. The appraisal was to determine the value of Roberto’s residence with and without
the pool. The appraisal states that the pool increased the value of Roberto’s residence by $4,000. Disregarding percentage
limitations, how much of the above expenditures qualify for the medical expense deduction in the current year? (Points : 5)

$11,900
$11,400
$7,500
$7,400
None of the above

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