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]Richard anticipates reporting a taxable income of $180,000 for 2019. When he files his federal income taxes as a single taxpayer, of the following marginal income tax rate brackets, he would be taxed at the:
In 2019, Sam expects to earn $315,200 and anticipates filing married jointly. Given this information, what would be the status of his personal exemptions with the enactment of the TCJA?
William is single and will earn about $70,000 in 2019. He asks how the TCJA would affect his AMT exemption. You should inform him that:
Carol and David, two moderate-income clients with two young children, want to know how the TCJA affects their use of the child tax credit. You should explain that it:
Fred plans to send his young daughter to parochial elementary and secondary school. However, it will be expensive and he is looking for ways to save the tuition. You should inform Fred that, under the TCJA, §529 savings plans:
Scott obtained a student loan of $40,000 to finish his last year at Caltech and become an engineer. In 2019, he was totally and permanently disabled while working on a project and can no longer make payments. Under the TCJA, he should consider dealing with the student loan by:
Mike is an upper-income taxpayer and itemizes but, his deductions have always been reduced by the 3% overall limitation under §68. Since 2018, the TCJA might offer Mike some relief because it:
You are on a tax panel for a group of homeowners. One individual wants to know what kind of items would most likely enable him to fully qualify for the home mortgage interest deduction in 2019. You inform him that one such item would be a:
Erwin is an enrolled agent operating his tax business as a sole proprietor. Recently, he has been busy listing deductions for his clients that have been suspended by the TCJA. Which of following suspended deductions is most likely to affect Erwin’s relationship with his clients:
Marge will finalize her divorce in 2019 and expects to receive substantial alimony payments. When she meets with her tax advisor, she explains to Marge that under the TCJA such payments will be treated as:
Ralph and Jan, a married couple, have been considering a marital deduction trust for several years to save on estate taxes. However, they may wish to reconsider their plan in light of the TCJA:
Peter is deliberating upon what type of entity he wants for his small computer systems design firm. He is thinking about organizing as an S corporation and seeks your advice. You would explain to him that he might find it beneficial to organize as a C corporation since:
Delbert has chosen to purchase and expense used equipment he will place in service in his business. Under §179, he may elect to treat the permitted expensing amount as:
Jerry wants to promote his business with some great entertainment targeting potential customers. As his advisor, you should warn him that of the following general categories of entertainment expense which is disallowed as a result of the TCJA?
With many employee “perks” being curtailed by the TCJA, John is frustrated in his search for tax-favored benefits to offer his employees. You should explain to him that the TCJA now allows:
You are reviewing the numerous detailed insurance changes made by the TCJA with your client, Dianne, who has just started a small life insurance company. The provision most likely to have an immediate impact on her young company is:
Mike is a client and a director of a large tax-exempt organization that has recently come under media attack for excessive compensation. You should alert Mike that under the TCJA an exempt organization can:
Jake is an international banker and wants to know if any TCJA provision could substantially impact the flow of funds in his industry. Of the many international TCJA provisions, the one most likely to have a major an immediate effect Jake’s industry is:
Jim owns an auto dealership in California, but his daughter Jane lives in Paris with John, her French boyfriend. To avoid U.S. taxation, John cannot conduct any U.S. trade or business. As a result, under the TCJA, John should not:
Frank is the trustee of a large private college with a majority of U.S. tuition paying students. Over the years, you have helped him navigate the complex tax rules surrounding such institutions. Because of the TCJA, you should schedule a meeting with Frank to discuss the TCJA’s :