You have received an acre of land as a gift. At the time of gifting, the land had an FMV of $6500. The donor's adjusted basis was $8200.“ the selling price is 510000, what is your gain or loss assuming that there has been no increase or decrease in the basis after you received the property?

Susan's husband died in the tax year 2007 and she didn't re-marry. She has two minor children living with her whom she has been supporting. The filing status with the lowest tax rate for which Susan Qualif‌ies is ____________.

If a tax payer has capital gain distributions and no other capital gain, which one Of the following statements is correct?

Klein has taken care of his married daughter for more 9 months in this tax year and has also paid more than half of her expenses. At the end of the year, she f‌iles a joint return with her husband as a married person. Klein can also claim her as his dependent.

Mr.Terrero let out his basement apartment for 10 days to Mike and he personally used it for 20 days.

The following data pertains to the sales and collections made by EJH corporation, a cash basis taxpayer, during 2007:

Bruce has received the following from his employer during the year: $25,000 as regular wages, $5,000 as cash bonus. $1.000 as traveling allowance, and $100 per month as parking allowance for parking at a lot adjacent to the off‌ice building. The employer has also contributed $200 per month to a 401(k) plan for him. He chose not to set aside any part of his income for the retirement plan. How much income should he report?

Raj uses 3/5th of his house for business purposes. The area of his house is 1000 Sqft. Calculate how much he can Claim as Home Off‌ice expenses if he has incurred the following expenditure during the year:

You operate a business and file your tax return on a calendar-year basis. You bought a f‌ire insurance policy on your building effective September 1, 2007, and paid a premium of $6000 for 2 years of coverage. How much can you deduct in your 2007 return?

Which of the following incomes is not subject to self-employment tax?

Mr.Brain died on July 18, 2007. His taxable estate is worth $900,000. By which date is the filing of Form 706. United States Estate Tax Return, due?