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112) Rocky owns The Palms Apartments. During the year, Molly Ann, a tenant, moved to another state. Molly Ann paid Rocky $1,500 to cancel the two-year lease she had signed. Rocky then rented the apartment to Elvis who paid the first and last months’ rents of $500 each and a security deposit of $800. Rocky also owns a building used as a dance club. The owner of the club requested that Rocky add on another room to be used for private parties. Rocky refused but allowed the club owner to make the addition at a cost of $20,000. What amount should be included in Rocky’s income with regard to these items? 113) Ellen is a single taxpayer with qualified dividend income of $5,000, and itemized deductions of $13,000. Required: Determine Ellen’s taxable income and tax liability in 2013, assuming the following salaries— a.$50,000. b.$100,000. 114) Emma is the sole shareholder in Pacific Corporation and has owned the stock for five years. The basis in her stock is $50,000. Pacific distributes $35,000 to Emma. Accumulated earnings and profits at the beginning of the year equal $25,000 and current earnings and profits equal $5,000. Required: a.What are the tax consequences of this information? b.What are the tax consequences of this information if, instead of distributing $35,000 to Emma, Pacific distributes $100,000 to Emma? 115) Under the terms of a divorce agreement dated January 1, 2013, Edmond was to pay his wife Donna $3,000 per month in alimony and $500 per month in child support. Payments began on 1/1/13. In addition, Donna received the family residence with a cost basis of $210,000 and a fair market value of $260,000. a.What is the amount that Donna must include in income for the twelve-month period ended December 31, 2013? b.What is the basis in the home which Donna received as a result of the divorce?

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