Alicia was involved in an automobile accident in 2019. her car was used 60% for business and 40% for personal use. the car had originally cost $40,000. at the time of the accident, the car was worth $20,000 and alicia had taken $8,000 of depreciation. the car was totally destroyed and alicia had let her car insurance expire. if her agi is $50,000 (before considering the loss), determine her agi and itemized deduction for the casualty loss.
a.$26,000; $5,700.
b.$34,000; $-0-.
c.$34,000; $4,500.
d.$50,000; $-0-.
e. none of these

Following is a list of various costs incurred in producing replacement automobile parts. with respect to the production and sale of these auto parts, classify each cost as either variable costs, fixed costs, or mixed costs. 1. oil used in manufacturing equipment 2. plastic 3. property taxes, $165,000 per year on factory building and equipment 4. salary of plant manager 5. cost of labor for hourly workers 6. packaging 7. factory cleaning costs, $6,000 per month 8. metal 9. rent on warehouse, $10,000 per month plus $25 per square foot of storage used 10. property insurance premiums, $3,600 per month plus $0.01 for each dollar of property over $1,200,000 11. straight-line depreciation on the production equipment 12. hourly wages of machine operators 13. electricity costs, $0.20 per kilowatt-hour 14. computer chip (purchased from a vendor) 15. pension cost, $1.00 per employee hour on the job

Melissa is a very generous single woman. before this year, she had given over $11,400,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. in the current year, melissa gave her daughter riley $100,000 and promptly filed her gift tax return. melissa did not make any other gifts this year. how much gift tax must riley pay the irs because of this transaction?

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