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  1. business
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  3. for each of the following independent questions, d

For each of the following independent questions, determine the dollar amount ($) impact to Marks...

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Accounting

For each of the following independent questions, determine the dollar amount ($) impact to Marks adjusted gross income (increase, decrease or no impact).

  1. Salary of $100,000 from Amex Corporation (a C corporation). He contributed $10,000 to his Traditional 401k.
  1. Purchased 1,000 shares of ABC Inc. for $4. During the year, received 250 shares as a stock dividend. Sold 100 shares for $3 each.
  1. $650 interest income from City of Miami bonds.
  1. $325 cash dividend income from stock in XYZ. corporation (all made from earnings & profits)
  1. $500 cash dividend income from Broke Inc. The corporation had no accumulated earnings and profit. Johns basis in the stock was $350 before the dividend.
  1. Loaned his son $9,000 interest free. His son used the money to invest in bonds and earned $1,100 in investment income. The market rate for similar loans was 8%.
  1. Paid $12,000 in alimony during the year from a divorce that was settled in 2016.
  1. Received a $11,000 gift from his parents.

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