8:54 PM bbhosted.cuny.edu ill Simple 3. Education expenses. Dawn, who holds a ba

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8:54 PM bbhosted.cuny.edu ill Simple 3. Education expenses. Dawn, who holds a bachelor's degree in art history, is a middle school teacher in New York. She wants to further her education in art history believing this will allow her to become a better teacher. Dawn spent her summer break attending the University in Hawaii taking art history courses. Her expenses are as follows: $2,000 1,000 700 Books and tuition Meals Lodging Laundry while in travel status 200 Transportation 700 Total S4,600 What is Dawn's education expense deduction? (2 points) 4. Asset basis after Section 179 expense election. In 2017 Berry Corp. purchased and placed in service a machine to be used in its manufacturing operations. This machine cost S2,040,000. (a) What portion of the cost may Berry elect to treat as an expense rather than as a capital expenditure, assuming net taxable income of S4million? (b) What is the adjusted basis of the machine (ignore any depreciation allowable). (4 points) 5. Reporting partnership income. Blue Jay Partners is a partnership with fiscal year ending on September 30. Bethany, a 20% partner in the partnership, is a calendar year individual taxpayer. For the taxable year ending September 30, 2017, Blue Jay had operating income of 100,000. Blue Jay also had operating income of $30,000 for the period of October 1, 2017, through December 3 2017. How much income must Bethany report on her 2017 tax return? (2 points) 6. Wash s ale rule. Tiffany purchased 100 shares of ACE Corporation stock for $28,000 on January 1 of last year In the current tax year, she sold shares for $8,000. Twenty-nine days earlier, she had purchased 30 shares for $7,500. (a) What is her 30 shares of these 100

Explanation / Answer

3) Education Expenses Dawn has an itemized deduction as Follows: Books and Tuition $2,000.00 Meals (1000 x 50%) $500.00 Lodging $700.00 Laundry while in travel status $200.00 Transportation $700.00 Dawn's education expense deduction $4,100.00 Assuming Lodging while in travel status

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