{"id":200753,"date":"2018-09-13T22:21:30","date_gmt":"2018-09-13T22:21:30","guid":{"rendered":"http:\/\/localhost\/wordpress\/index.php\/2018\/09\/13\/acct-224-week-4-homework-assignment\/"},"modified":"2018-10-24T09:02:50","modified_gmt":"2018-10-24T09:02:50","slug":"acct-224-week-4-homework-assignment","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/acct-224-week-4-homework-assignment\/","title":{"rendered":"ACCT 224 Week 4 Homework Assignment"},"content":{"rendered":"<p>1.\u00a0Nancy\u00a0gave\u00a0her\u00a0grandson,\u00a0Sean,\u00a0twenty\u00a0acres\u00a0of\u00a0land.\u00a0Her\u00a0tax\u00a0basis\u00a0in\u00a0the\u00a0land\u00a0was\u00a0$25,000.\u00a0Nancy&#8217;s\u00a0marginal\u00a0tax\u00a0rate\u00a0for\u00a0the\u00a0current\u00a0year\u00a0is\u00a045%;\u00a0\ther\u00a0grandson&#8217;s\u00a0is\u00a025%.Its\u00a0fair\u00a0market\u00a0value\u00a0was\u00a0$575,000\u00a0at\u00a0the\u00a0date\u00a0of\u00a0the\u00a0transfer.\u00a0If\u00a0the\u00a0gift\u00a0tax\u00a0rate\u00a0is\u00a040%\u00a0and\u00a0she\u00a0has\u00a0never\u00a0made\u00a0a\u00a0gift\u00a0in\u00a0excess\u00a0of\u00a0$10,000\u00a0before\u00a0this,\u00a0\twhat\u00a0amount\u00a0of\u00a0gift\u00a0tax\u00a0will\u00a0she\u00a0pay?\u00a0What\u00a0is\u00a0their\u00a0net\u00a0tax\u00a0savings\u00a0percentage\u00a0as\u00a0a\u00a0family\u00a0unit\u00a0if\u00a0Sean\u00a0sells\u00a0the\u00a0land?\t\u00a0\tQuestion\u00a0two:\t\t1.\u00a0Tom\u00a0and\u00a0Judy\u00a0Bell,\u00a0who\u00a0file\u00a0jointly,\u00a0collected\u00a0$6,000\u00a0of\u00a0Social\u00a0Security\u00a0benefits,\u00a0$18,000\u00a0in\u00a0fully\u00a0taxable\u00a0pension\u00a0payments\u00a0and\u00a0$10,000\u00a0of\u00a0tax-exempt\u00a0interest.\u00a0\tHow\u00a0much\u00a0of\u00a0their\u00a0Social\u00a0Security\u00a0is\u00a0included\u00a0in\u00a0gross\u00a0income?\u00a0How\u00a0would\u00a0this\u00a0change\u00a0if\u00a0they\u00a0had\u00a0received\u00a0$20,000\u00a0in\u00a0tax-exempt\u00a0interest?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1.\u00a0Nancy\u00a0gave\u00a0her\u00a0grandson,\u00a0Sean,\u00a0twenty\u00a0acres\u00a0of\u00a0land.\u00a0Her\u00a0tax\u00a0basis\u00a0in\u00a0the\u00a0land\u00a0was\u00a0$25,000.\u00a0Nancy&#8217;s\u00a0marginal\u00a0tax\u00a0rate\u00a0for\u00a0the\u00a0current\u00a0year\u00a0is\u00a045%;\u00a0 her\u00a0grandson&#8217;s\u00a0is\u00a025%.Its\u00a0fair\u00a0market\u00a0value\u00a0was\u00a0$575,000\u00a0at\u00a0the\u00a0date\u00a0of\u00a0the\u00a0transfer.\u00a0If\u00a0the\u00a0gift\u00a0tax\u00a0rate\u00a0is\u00a040%\u00a0and\u00a0she\u00a0has\u00a0never\u00a0made\u00a0a\u00a0gift\u00a0in\u00a0excess\u00a0of\u00a0$10,000\u00a0before\u00a0this,\u00a0 what\u00a0amount\u00a0of\u00a0gift\u00a0tax\u00a0will\u00a0she\u00a0pay?\u00a0What\u00a0is\u00a0their\u00a0net\u00a0tax\u00a0savings\u00a0percentage\u00a0as\u00a0a\u00a0family\u00a0unit\u00a0if\u00a0Sean\u00a0sells\u00a0the\u00a0land? \u00a0 Question\u00a0two: 1.\u00a0Tom\u00a0and\u00a0Judy\u00a0Bell,\u00a0who\u00a0file\u00a0jointly,\u00a0collected\u00a0$6,000\u00a0of\u00a0Social\u00a0Security\u00a0benefits,\u00a0$18,000\u00a0in\u00a0fully\u00a0taxable\u00a0pension\u00a0payments\u00a0and\u00a0$10,000\u00a0of\u00a0tax-exempt\u00a0interest.\u00a0 How\u00a0much\u00a0of\u00a0their\u00a0Social\u00a0Security\u00a0is\u00a0included\u00a0in\u00a0gross\u00a0income?\u00a0How\u00a0would\u00a0this\u00a0change\u00a0if\u00a0they\u00a0had\u00a0received\u00a0$20,000\u00a0in\u00a0tax-exempt\u00a0interest?<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200753","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200753"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200753\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}