Kadeisha is single with no dependents and has a salary of $1…

Kadeisha is single with no dependents and has a salary of $102,000 for 2023, along with tax-exempt interest income of $3,000 from a municipality. Her itemized deductions are comprised of home mortgage interest expense and property taxes totaling $11,600.Required: Compute her taxable income. Please show supporting computations.

In 2021 Bonnie, a sole proprietor, loaned her employee, John…

In 2021 Bonnie, a sole proprietor, loaned her employee, John, $10,000 to help him buy a car. In 2023, before he repaid the $10,000, Bonnie told John that she was “tearing up” the $10,000 note in recognition of his strong job performance. How should John treat the amount forgiven?

Kamala owns 1,000 shares of Orange Corporation. This year, O…

Kamala owns 1,000 shares of Orange Corporation. This year, Orange declared a 10% stock dividend. There was no option for shareholders to receive cash. When Kamala received 100 shares of Orange stock, it had a fair market value of $50 a share. How much income does Kamala have from the dividend?