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Questions -
Q1. Husband and wife, who live in a common law state, are eligible to file a joint return for 2020, but elect to file separately. Wife has adjusted gross income of $25,000 and has $2,200 of expenditures which qualify as itemized deductions. Husband deducts itemized deductions of $14,200. What is the taxable income for the wife?
A. $25,000
B. $12,600
C. $22,800
D. None of the above
Q2. 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?
A. $50,000.
B. $35,000.
C. $30,000.
D. $80,000.
1. what would be the best thing about owning your own business? what would be the worst? this question requires an
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