Jessie, a married taxpayer using the married filing jointly filing status, received $24,000 of Social Security retirement benefits in 2023. Jessie also received $5,000 of interest income and $75,000 of income from her retirement plan during the year. How much of Jessie’s Social Security benefits must be included in her gross income? 

A business activity is presumed to be “engaged in for profit” if it produces a profit for what number of tax years out of the five consecutive years ending with the current year (other than horse related activities)?

Mary gifts her brother, Thomas, stock worth $15,000, for which she paid $18,000. What is the tax consequence if Thomas sells the stock for $13,000 one month after the gift?

Debra & Chase make a deal to exchange real property What is Chase’s gain or loss according to the following facts? Chase’ Basis $15,000 Cash Received by Chase – $20,000  Debra’s Basis $45,000. Market Value of property Received by Debra – $41,000

Arrange the following statutes of limitation from shortest to longest.1. Collection of deficiency by IRS.2. Fraud.3. General Statute of Limitations under Section 6501.4. Substantial Understatement of Income greater than 25%. 

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

Ronda is employed as a systems analyst. In the current year, she had AGI of $120,000 and paid the following medical expenses: Medical insurance premiums $3,900 Doctor and dentist bills for Joseph and Carmen (dependent parents) $8,250 Doctor and dentist bills for Ronda $6,750 Prescribed medicines for Ronda $1,125 Joseph and Carmen qualify as Ronda’s dependents. Ronda’s medical insurance policy does not cover them. What is Ronda’s allowable medical expense deduction for the 2023 tax year, assuming she itemizes?

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.

Steve started an S Corp with $55,000 and is the only employee.  A few months later, he loaned the company another $30,000. At the end of the year, the S Corp had a taxable loss of $95,000.  How much can he deduct on his personal tax return?

For income tax purposes income and gross income are the same thing