Homework Answers
Answer is Option E
Since here the short term gain is 2000 and it comes under 10% rate and total long term gain is 11000+10000=$21,000 and this is not taxed
So total tax is
=(12%*30000)+(10%*20000)
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Poov 10. Kirby, a single tixrayer has taxable incor following capital asset transactions Tou bracket. During...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the 12% tax bracket. During 2019, she had the following capital asset transactions: $11,000 10,000 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investment Kirby's tax consequences from these gains are as follows: a. (5% * $10,000) + (12% * $13,000). b....
(1pts) 4) Kirby, a single taxpayer, has taxable income of $40,000 and is in the 12%...
(1pts) 4) Kirby, a single taxpayer, has taxable income of $40,000 and is in the 12% tax bracket. During 2020, she had the following capital asset transactions: $11,000 10,000 2,000 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investment Kirby's tax consequences from these gains are as follows: a. (5% * $10,000) + (12% x $13,000). b. (12% * $13,000) + (28%...
e. Married, filing jointly 9. Perry, a single taxpayer, has taxable income of $178,000 and is in the 32% tax bracke...
e. Married, filing jointly 9. Perry, a single taxpayer, has taxable income of $178,000 and is in the 32% tax bracket. During 2019, he had the following capital asset transactions: $30,000 Gain from the sale of a stamp collection (held for 10 years) Gain from the sale of an investment in land (held for 4 years) 10,000 4,000 Gain from the sale of stock investment (held for 8 months) Perry's tax consequences from these gains are as follows: a. (15%...
During 2020, Jackson, who is single, had the following capital gains and losses: Gain from the...
During 2020, Jackson, who is single, had the following capital gains and losses: Gain from the sale of a coin collection (held 3 years) $ 5,000 Gain from the sale of LMN stock held as an investment (held 6 years) 4,000 Gain from the sale of ABC stock held as an investment (held 10 months) 1,000 Loss from the sale of XYZ stock held as an investment (held 11 months) 3,000 ow much is Jackson's total tax liability for these...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's...
2. (10 points) During the year, Brett has the following transactions: - Short-term capital loss.... .($12,000)...
2. (10 points) During the year, Brett has the following transactions: - Short-term capital loss.... .($12,000) Short-term capital gain ...... ........10,000 Short-term capital loss carryover from 3 years ago ... ....... (7,000) - Long-term capital gain (0/15/20 % basket). ........19,000 - Long-term capital loss (28% basket)...... .....(40,000) Brett files as a head of household and has taxable income of $130,000 for 2019. After netting these results, give the amount of Brett's allowable capital loss deduction for 2019 and the amount...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indicated by a minus sign.) Description Date Purchased Basis Stock A 1/23/1995 $ 7,800 Stock B 4/10/2019 15,100 Stock C 8/23/2017 12,125 Stock D 5/19/2009 5,670 Stock E 8/20/20197,685 Date Sold Amount Realized 7/22/2019 $ 4,940 9/13/2019 18,850 10/12/2019 17,170 10/12/2019 13,225 11/14/2019 3,775 a. What is Grayson's net short-term capital gain or loss from these transactions? b....
In 2020, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering...
In 2020, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) On May 12, 2020, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma’s death was $90,000 and Grandma’s adjusted basis of the painting was $25,000. They applied a long-term capital loss carryover from...
In 2020, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering...
In 2020, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2020, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $90,000 and Grandma's adjusted basis of the painting was $25,000. b. They applied a long-term capital loss...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the 12% tax bracket. During 2019, she had the following capital asset transactions: $11,000 10,000 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investment Kirby's tax consequences from these gains are as follows: a. (5% * $10,000) + (12% * $13,000). b....
(1pts) 4) Kirby, a single taxpayer, has taxable income of $40,000 and is in the 12% tax bracket. During 2020, she had the following capital asset transactions: $11,000 10,000 2,000 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investment Kirby's tax consequences from these gains are as follows: a. (5% * $10,000) + (12% x $13,000). b. (12% * $13,000) + (28%...
e. Married, filing jointly 9. Perry, a single taxpayer, has taxable income of $178,000 and is in the 32% tax bracket. During 2019, he had the following capital asset transactions: $30,000 Gain from the sale of a stamp collection (held for 10 years) Gain from the sale of an investment in land (held for 4 years) 10,000 4,000 Gain from the sale of stock investment (held for 8 months) Perry's tax consequences from these gains are as follows: a. (15%...
During 2020, Jackson, who is single, had the following capital gains and losses: Gain from the sale of a coin collection (held 3 years) $ 5,000 Gain from the sale of LMN stock held as an investment (held 6 years) 4,000 Gain from the sale of ABC stock held as an investment (held 10 months) 1,000 Loss from the sale of XYZ stock held as an investment (held 11 months) 3,000 ow much is Jackson's total tax liability for these...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's...
2. (10 points) During the year, Brett has the following transactions: - Short-term capital loss.... .($12,000) Short-term capital gain ...... ........10,000 Short-term capital loss carryover from 3 years ago ... ....... (7,000) - Long-term capital gain (0/15/20 % basket). ........19,000 - Long-term capital loss (28% basket)...... .....(40,000) Brett files as a head of household and has taxable income of $130,000 for 2019. After netting these results, give the amount of Brett's allowable capital loss deduction for 2019 and the amount...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indicated by a minus sign.) Description Date Purchased Basis Stock A 1/23/1995 $ 7,800 Stock B 4/10/2019 15,100 Stock C 8/23/2017 12,125 Stock D 5/19/2009 5,670 Stock E 8/20/20197,685 Date Sold Amount Realized 7/22/2019 $ 4,940 9/13/2019 18,850 10/12/2019 17,170 10/12/2019 13,225 11/14/2019 3,775 a. What is Grayson's net short-term capital gain or loss from these transactions? b....
In 2020, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2020, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $90,000 and Grandma's adjusted basis of the painting was $25,000. b. They applied a long-term capital loss...
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