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Determining Gross Income (4 points): Marta and her ex-husband Robbie divorced in 2023. Since then, Marta has maintained custody over their son Michael, who is 14. Before the start of 2024, Robbie moved across town to a townhouse. Marta is a middle school teacher, and Robbie is dentist. Marta earned $39,500 for the year in salary, and Robbie earned $95,750 in salary. As part of the divorce agreement, Marta was able to keep the house, which they originally paid $210,000 for in 2014 for but is now worth $325,000 in 2024. In the divorce agreement, Robbie agreed to pay $25,800 per year in support of their child Michael. Determine the total recognizable gross income for Marta in 2024.

(4 points) Mel and Tara are married and file jointly for 2024. They earned $195,000 in total salaries together for the year working for an architecture and construction firm. They moved across the country when Tara was offered a new job opportunity within the company this year, incurring $7,500 in moving expenses. The moving expenses were not reimbursed by their employer. As part of the move, Mel and Tara had to sell their house this year. They had purchased the home in 2018 and after making some improvements to the home its adjusted tax basis at the time of sale was $310,000. They sold it for $575,000. They also paid $1,500 in interest on loans Mel took out to pay for his tuition and fees as an undergraduate architecture major. After the move, Mel had some health issues which required the couple to pay $15,000 in medical expenses (part for health insurance premiums and part deductibles and other out-of-pocket expenses for hospital care). Mel and Tara’s AGI for 2024 is:

(4 points) Travis is single and works for Delta airlines as an accountant. For 2024, they paid him $117,500 in salary. In addition, Delta paid $7,800 for their portion of his medical and dental health insurance premiums, paid $570 for a group term life insurance policy for him, and paid $580 in employer contributions to his 401K. In addition to the above benefits he received during the year, Travis had a number of major costs throughout the year. He paid $8,300 in mortgage interest on his personal residence and $2,800 in real estate taxes for the year. In addition, he paid $1,950 in professional dues (the AICPA dues, state CPA society dues, and local CPA chapter dues) and subscriptions to work publications that were not covered by his employer. Travis’s AGI for 2024 is:

Determining AGI (4 points): In 2024, Elliott earned a $178,000 salary as a physician’s assistant. He owned his own home and paid $5,600 in mortgage interest on his primary residence during the year. His total real estate taxes on his primary residence for the year were $3,100. Other interest costs Elliott had during the year were: $2,200 in interest on his student loans used for tuition and fees during his undergraduate program at George Mason and $1,900 in interest on credit cards during the year related to furniture he purchased for his home. Finally, Elliott spent 40 hours during the year providing no cost (pro bono) care to needy families that would have normally resulted in an additional $2,900 of wages for Elliott if he had billed the clients. Determine Elliott’s AGI for 2024.

Determining filing status for the taxpayer named for YEAR 2: Michael’s wife Tammy passed away in YEAR 1 (last year). They did not have any children. Michael has not remarried in YEAR 1. Taxpayer of interest: Michael. (4 points)

(4 points) Travis is single and works for Delta airlines as an accountant. For 2024, they paid him $117,500 in salary. In addition, Delta paid $7,800 for their portion of his medical and dental health insurance premiums, paid $570 for a group term life insurance policy for him, and paid $580 in employer contributions to his 401K. In addition to the above benefits he received during 2024 Travis had a number of major costs throughout the year. He paid $8,300 in mortgage interest on his personal residence and $2,800 in real estate taxes for the year. In addition, he paid $1,950 in professional dues (the AICPA dues, state CPA society dues, and local CPA chapter dues) and subscriptions to work publications that were not covered by his employer. Ignoring the answer in Part 1 and instead assuming AGI is $100,000, the amount of itemized deductions Travis could potentially claim for 2024 is:

Eli has accepted an offer to start as a staff accountant in Los Angeles. Currently, Eli lives in Fairfax, VA in a rental apartment with some college friends. Rather than pay to move his current furniture across the country, he decides to sell all his furniture and use the money he would have spent to move towards purchasing new furniture for his place in Los Angeles. The furniture is entirely personal use and has an adjusted basis of $1,500. He sells it to another student who will not be graduating for a few more years for $2,500. Eli needs to figure out how much taxable gain he will have to report on the sale of his furniture for his tax return this year. His roommate Toby says that Eli will need to pay tax on the full $2,500 (i.e. that his taxable gain equals the sales price). However, his friend Jacob tells him that his taxable gain equals the extent of the sales price that exceeds the adjusted basis of the asset sold. (4 points). Which of Eli’s friends gives him the correct advice for determining the taxable gain?

Which of the following corporate activities would be illegal for a U.S. company under the FCPA?

Which of the following is studied in chemistry?

While in the delivery room, the father-to-be begins to develop anxiety with tachypnea and lightheadedness.  Which nursing intervention does the nurse use to prevent respiratory alkalosis?