What can stewie do with the deduction not used


Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Stewie's deduction for the bad debt for this year?b. What can Stewie do with the deduction not used this year? Question # 5. Ken paid the following amounts for interest during 2010: Qualified interest on home mortgage $4,700 Auto loan interest 850 "Points" on mortgage for acquisition of personal residence. 300 Service charges on his checking account 40 Mastercard interest 300 Calculate Ken's itemized deduction for interest on Schedule A. Question # 6. Jerry made the following contributions during 2012: His synagogue (by check) $980 The Republican Party (by check) 180 The American Red Cross (by check) 150 His lodge for a holiday party 100 In addition, Jerry donated used furniture to the Salvation Army costing $2,000 with a fair market value of $400. Assuming Jerry has adjusted gross income of $45,000, has the necessary written acknowledgments, and itemizes deductions. Compute the amount that would be eligible for the Gifts to Charity section of Schedule A, what is Jerry's deduction for 2012. Question # 7: Quince Corporation has taxable income of $450,000 for its 2012 calendar tax year. Calculate the corporation's income tax liability for 2012 before tax credits. Question # 8: Ulmus Corporation has $1,230,000 in taxable income for 2012. Calculate the corporation's income tax liability for 2012. Question # 9: For its 2012 tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation's tax liability for 2012. Question # 10: Cedar Corporation has an S corporation election in effect. During the 2012 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2012, the corporation paid dividends to shareholders in the amount of $120,000. a) How much taxable income, in total, must the shareholders of the corporation report on their 2012 tax returns?

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Accounting Basics: What can stewie do with the deduction not used
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