Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI. This year they have recorded the following expenses: Home mortgage interest $20,000 Real estate taxes 5,500 State income taxes paid 6,500 Medical expenses 1,800 Employee business expenses 450 Cash charitable contributions  800 Calculate Karin and Chad’s total deductible itemized deductions.

Riverside LLC purchased and placed in service the following assets in 2024: PIS Date Asset Cost 2/26/2024 Computers $1,000,000 6/12/2024 Gen. Manufacturing Equipment $2,500,000 Riverside LLC purchased no other assets during 2024, and its net income for the year is $50,000,000 before considering cost recovery deductions. What is the maximum tax depreciation deduction Riverside LLC may take in 2024, assuming the company elects §179 expense and bonus depreciation?  Link to class life and depreciation tables: Link Show all your work.  

Which of the following would is a failure of the horizontal equity concept?

In general, under which of the following scenarios would a contribution to Roth IRA yield a higher after-tax account balance in retirement compared to a traditional IRA?  

Beth’s business purchased only one asset during the current calendar year (a full 12-month tax year). On December 1 Beth placed in service the general manufacturing equipment asset (seven-year property) with an initial basis of $50,000. Calculate the maximum depreciation expense (ignoring §179 and bonus depreciation).  Link to class life and depreciation tables: Link

Why is microfilaria (MF) testing recommended in conjunction with antigen testing in dogs suspected of heartworm infection?

A client brings in their dog, Bucky, for a check-up and you perform a sucrose fecal flotation with centrifugation on a sample of Bucky’s feces.  You find numerous eggs depicted below. What are they?  

For Eucoleus (Capillaria) aerophilus, select the FALSE statement

Why is heartworm diagnosis especially challenging in cats compared to dogs?

For Toxascaris leonina, select the FALSE statement.