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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
1. LO.1, 5, 8, 9 During the year, Addison is involved in the following transactions. What are the possible Federal income tax effects of these transactions?
• Lost money gambling on a trip to a casino.
• Helped pay for her neighbor Howie’s dental bills. Howie is a good friend who is unemployed.
• Received from the IRS a tax refund due to Addison’s overpayment of last year’s Federal income taxes.
• Paid a traffic ticket received while double parking to attend a business meeting.
• Contributed to the mayor’s reelection campaign. The mayor had promised Addi- son to rezone some of her land.
• Borrowed money from a bank to make a down payment on an automobile.
• Sold a houseboat and a camper on eBay. Both were personal use items, and the gain from one offset the loss from the other.
• Her dependent Aunt Katherine died on June 3 of the year.
• Paid for Katherine’s funeral expenses.
• Paid premiums on her dependent son’s life insurance policy.
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