What is the maximum amount vijay can claim as taxes in item

Assignment Help Financial Accounting
Reference no: EM13134502

During the current year, Vijay, a self-employed individual, paid the following amounts:

Real estate tax on Kansas residence $3,400

State income tax 1,900

Real estate taxes on land in Costa Rica (held as an investment) 1,100

Gift tax paid on gift to daughter 1,500

State sales taxes 1,950

State occupational license fee 250

Property tax on value of his automobile (used 100% for business) 450

What is the maximum amount Vijay can claim as taxes in itemizing deductions from AGI?

Reference no: EM13134502

Questions Cloud

Concept regarding deductible expenses : During the year, Oscar travels from Raleigh to Moscow (Russia) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for the trip were as follows (meals and lodging reflect..
Determine frequency distribution with six classes : Random Sample Obtain (generate) a random sample of 180 numbers between 1 and 60. You may use a calculator, excel, or a table of random numbers to achieve this. Summarize your sample into a frequency distribution with 6 classes.
What is the final temperature : A 125 g aluminum block at an initial temperature of 95°C is dropped into a styrofoam flask containing 150 mL of water at 20°C. What is the final temperature?
What is the dollar amount of excess reserves : What is the dollar amount of excess reserves and by what dollar amount can this bank safely expand its loans?
What is the maximum amount vijay can claim as taxes in item : What is the maximum amount Vijay can claim as taxes in itemizing deductions from AGI?
Where should manufacturer set the inventory levels : The manufacturer would like to establish inventory levels such that there is only a 2.5 percent chance of running out of stock. Where should the manufacturer set the inventory levels?
What amount of cash would sawyer receive at issue : If Sawyer issued the bonds to yield an effective (market) rate of 4 percent, what amount of cash would Sawyer receive at issue (round to nearest whole dollar)?
Explain draw the lewis dot structure : Draw the Lewis dot structure for the following molecules. Use VSEPR theory to predict three-dimensional structure. Then predict whether the molecule is polar or non polar.
Determining area of rectangle : For your assignment this week, imagine that you will be building a shed in your back yard. The shed requires a cement foundation that is rectangular in shape.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculation of contribution margin

Calculation of Contribution margin and gross margin using Marginal costing - The company had no beginning or ending inventories and evaluate gross margin for December

  Purpose a pension worksheet for the pension plan

Purpose a pension worksheet for the pension plan for 2013 and 2014.

  Evaluate weighted average cost of capital

Information on Huntington Power Co. is shown below. Consider the company's tax rate is 33 % -  Evaluate weighted average cost of capital

  Elucidate the pros and cons of using this method to evaluate

Elucidate the pros and cons of using this method to evaluate a capital expenditure (10 points) and (2) show all computations required to arrive at the correct solution.

  Calculate the non-controlling interest of demers

Find how much does Bell report as Income from Demers for the year ended 31st December, 2011 and calculate the non-controlling interest of Demers at 31st December, 2011.

  Calculate the missing amounts for each division

Calculate the missing amounts for each division and and provide an example to show how residual income improves decision making at the divisional level

  Income statement and computation of earnings per share

Preparation of an income statement and computation of earnings per share and prepare an income statement for the year 2007 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of t..

  Calculation of bond price and interest rate risk

Calculation of Bond price and Interest Rate risk and the percentage change in the price of Bonds Sam and Dave is _____ percent and _____ percent respectively.

  Find out the budget for the department assuming that it uses

The department actually completed 5,000 hours of production. Find out the budget for the department assuming that it uses flexible budgeting?

  Explain how would you advise your client

The video mentions several skills you need in order to be successful in pursuing a career in finance. Explain how would you advise your client assuming a 10% discount rate?

  Show the journal entries for the purchase

Show the Journal entries for the purchase and the sale of shares.

  Financial statements for the year

The Financial Statements (unaudited) for the year ended 30 th June 2010 that you have been given indicate the subsequent (previous year figures are in brackets)

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd