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Chapter 3: Research Case 3-8 (p.464) using current literature Research Case 3-11

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Chapter 3:Research Case 3-8 (p.464) using current literatureResearch Case 3-11 (p.465) using current literatureChapter 4:Research Case 4-3 (p.467) using current literatureResearch Case 4-17 (p.470) using current literature3-8Juan sold IBM stock to Richard for a $10,000 loss. Richard is the husband of Juans sister, Carla. How much of the loss can Juan deduct in the current year if Juan’s taxable income is $55,000 and he has no other capital transactions? In answering this case, use an online tax service with only the Internal Revenue Code database selected. State your keywords and which online tax service you used to arrive at your answer.3-11On May 1, Rick formed a new corporation, Red, Inc. He spent $3,000 in legal fees and paid the state $600 in incorporation fees. Red, Inc. started operating its business on May 10. How much, if any, Rick or Red, Inc. deduct either of these organizational fees? In answering this case, use an online tax service with only the Internal Revenue Code database selected. State your keywords and which online tax service you used to arrive at your answer.4-3Georgia won the Massachusetts lottery, which means that she will receive $28,000 per year for the next 30 years. Georgia purchased the lucky ticket in March, and she was selected the winner in June. Georgia regularly spent $100 per month on lottery tickets, one-third for Massachusetts tickets and two-thirds for Vermont tickets but is not considered to be in the gambling business.a. What is Georgia’s gross income from this prize?b. Is there any corresponding deduction?4-17On July 1, 2018, Tom Brown placed in service in his business qualified seven-year property that cost $450,000, and that he acquired before September 28, 2017. He did not elect to claim a $ 179 deduction. How much can Tom deduct in 2018?

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