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Ted and Thom are married California residents and have the following income: Ted’s salary - $30,000...

  1. Ted and Thom are married California residents and have the following income:

    Ted’s salary - $30,000
    Thom’s salary - $40,000
    Rental income from a house in Oregon that Ted owned before marriage $15,000 Rental income on the house Thom inherited $12,000.

    What is the amount of community income?

    a) $82,000 b) $97,000 c) $85,000 d) $70,000

  2. Elias filed his 2018 tax return on February 28, 2019. What is the last date the FTB could assess tax?

    a) April 15, 2022 b) February 28, 2023 c) April 15, 2023 d) October 15, 202

Solutions

Expert Solution

Ted and Thom are married California residents and have the following income:
Ted’s salary - $30,000
Thom’s salary - $40,000
Rental income from a house in Oregon that Ted owned before marriage $15,000 Rental income on the house Thom inherited $12,000.
What is the amount of community income?
a) $82,000 b) $97,000 c) $85,000 d) $70,000
Option d is correct
Community Income
Ted’s salary - $ 30,000.00
Thom’s salary - $ 40,000.00
Total $ 70,000.00
Property that a spouse acquired before marriage is not part of community property
Under California law, inheritances are the separate property of the spouse who receives them.
Elias filed his 2018 tax return on February 28, 2019. What is the last date the FTB could assess tax?
a) April 15, 2022 b) February 28, 2023 c) April 15, 2023 d) October 15, 202
b) February 28, 2023
The last date the FTB could assess tax is original due date

ekkarill92 answered 1 year ago
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