1. DEVRY ACCT 553 W EEK 4 Y OU D ECIDE Check this A+ tutorial guideline at http://www.assignmentcloud.com/acct-553/acct-553-week-4-you-decide For more classes visit http://www.assignmentcloud.com ACCT 553 Week 4 You Decide Jane Smith Case How is the $300,000 treated for purposes of federal tax income? Jane Smith Tax Issues: (a) What are the different tax consequences between paying down the mortgage debt and assuming a new mortgage debt for federal income tax purposes? (b) Should John and Jane file separate or joint tax returns?