What is may taxable income assuming

Reference no: EM133507295

Question 1) Father dies. Daughter is the named beneficiary in an insurance policy on the life of Father in the amount of $1,000,000. Daughter receives the $1,000,000 proceeds free of income tax. If instead of receiving the proceeds in a lump sum, assume that Son receives $120,000 a year for ten years. Which amount will be taxable as interest on a straight-line basis over the 10-year period.

Question 2) For 2022, May, a single individual with no dependents, receives income of $55,000 and incurs deductible expenses of $9,000.

a. What is May's taxable income assuming that the expenses are deductions for AGI? - please show your computation to receive full score)

b. What is May's taxable income assuming that the expenses are itemized deductions from AGI?

Reference no: EM133507295

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