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What is lily adjusted gross income

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Reference no: EM133131691

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Q1. An individual taxpayer who is not a dealer in real estate plans to subdivide a parcel of land into four lots and sell them at a substantial gain. The parcel of land had been held six years. In order to qualify for capital gain treatment, the individual must satisfy all of the requirements except

A. no substantial improvements can be made while holding the lots if the improvements substantially increase the value of the lots.

B. the individual must not hold any other real property primarily for sale in the ordinary course of business.

C. the parcel of land (or any part of it) cannot have been held primarily for sale to customers in the individual's business.

D. all of the above criteria must be satisfied to allow capital gain treatment.

Q2. Lily had the following income and losses during the current year:

Salary $75,000

Prize from quiz show 25,000

Unemployment compensation 8,000

Embezzled funds 30,000

Share of partnership income 35,000

What is Lily's adjusted gross income?

A. $173,000

B. $165,000

C. $135,000

D. $143,000

Q3. Sally divorced her husband three years ago and has not remarried. Since the divorce she has maintained her home in which she and her now sixteen-year-old daughter reside. The daughter is a qualified child. Sally signed the daughter's dependent status over to her ex-spouse by filing the appropriate IRS form. What is Sally's filing status for the current year?

A. surviving spouse

B. head of household

C. single

D. married filing separately

Reference no: EM133131691

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