In 2023, George (a single taxpayer) has AMTI of $180,000.  What is George’s AMT exemption this year?

Blake bought a home last year and is considering selling it.  Under which of the following circumstances would Blake not qualify for an exclusion?

Henry is granted an incentive stock option (ISO) on January 10, 2014, with an exercise price is $10.  On January 11, 2023. Henry exercises the option for $33 share.  What is the effect on alternative minimum taxable income when Henry exercises the ISO?

Net unearned income is the amount of unearned income of a child under the age of 19 or a student under age 24 who is a full time student and claimed as a dependent by his or her parents, that is subject to tax at the parents’ rate.

The substitute basis of a qualifying asset received in a like-kind exchange is the asset’s adjusted cost basis from the original property

Joey actively participates in the managing of his rental property.His AGI is $125,000 for the current year and the rental real estate business had a loss of$20,000. What is Joey’s available loss against ordinary income assuming he has therequired amount at risk?

On January 1, 2021 Greg purchased 60 shares of stock in CRS Inc. for $10 a share. On December 1, 2022 the stock became worthless.  What is Greg’s loss on his on the worthless securities?  

Kim just finalized her divorce and is ordered to pay alimony to her ex-husband.  Kim’s best friend Beth got divorced in 2017 and has helped Kim thru the process.  Beth was also ordered to pay alimony and let Kim know that these payments are deductible on Beth’s tax return.  Kim was thrilled to learn this as she will also be able to deduct alimony payments to her ex. 

Brittany (age 35) is single and has AGI of $75,000. She has maxed out her contributions to her 401(k) and wants to make a contribution to her traditional IRA. How much can she contribute and would any of the contribution be deductible?

A CO2 on an arterial blood gas rises from 40mmHg to 55mmHg.  What value should the pH have?