Elisa sued her former employer for discrimination. She was awarded $200,000 for lost wages, $30,000 for medical expenses related to emotional distress resulting from the discrimination, and $300,000 in punitive damages. The taxable amount is

A taxpayer had the following income and losses in the current year:Salary$55,000Sold AT&T stock at a loss( 5,000)Lottery prize4,500 Gambling winnings8,000 Gambling losses( 5,000)What is the taxpayer’s adjusted gross income?

Ms. Walter, age 70, is thinking about going back to work part-time. She knows that the wages may affect the taxability of her Social Security benefits. What is the maximum percentage of Social Security benefits that could become taxable?

Choose the two (2) forms of verbal skills:

Arthur pays tax of $5,000 on taxable income of $50,000 while taxpayer Barbara pays tax of $12,000 on $120,000. The tax is a

Defamation in an individual’s character, in a written memo, is an example of:

Kamala owns 1,000 shares of Orange Corporation. This year, Orange declared a 10% stock dividend. There was no option for shareholders to receive cash. When Kamala received 100 shares of Orange stock, it had a fair market value of $50 a share. How much income does Kamala have from the dividend?

Amounts withdrawn from qualified tuition plans are tax-free if the amounts are used for qualified higher education expenses including tuition, fees, books, and room and board for students attending on at least a half-time basis.

Will exchanges a building with a basis of $35,000, and subject to a liability of $30,000, for land with a FMV of $50,000 owned by Jane. Jane takes the building subject to the liability. The amount realized by Will is

Mr. Dennis purchased a machine for use in his business. Mr. Dennis’ costs in connection with this purchase were as follows:Note to seller$33,000Cash paid to seller5,000State sales tax2,400Freight to place of business1,500Wages paid to workers to install machine4,200What is the amount of Mr. Dennis’ basis in the machine?