Homework Answers
| Selling Price | = | $ 5,000 |
| Acquired price | = | $ 60,000 |
| Net gain (loss) | = | $ -55,000 |
| Therefore, | ||
| Minjun's sales of blue corporation stock produces a total loss of $55,000 of which $5,000 is treated as capital loss | ||
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Exercise 4-25 (LO. 6) Several years ago, Minjun, who is single, acquired 6 1244 stock in...
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Requirements for § 1244 Stock. During the year, X, who is single, sold stock and realized a loss. For each of the follo...
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Exercise 18-25 (Algorithmic) (LO. 6) Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of $160,400. He sells the Blue stock for $16,040 in the current year. Determine the amount and nature of Minjun's gain or loss recognized this year. Minjun's sale of Blue Corporation stock produces a total loss of $ of which $ is treated as a capital loss.
Requirements for § 1244 Stock. During the year, X, who is single, sold stock and realized a loss. For each of the following situations, indicate whether § 1244 would apply to the taxpayer's stock loss. Unless otherwise indicated, Code § 1244 applies. The stock was that issued to X when she incorporated her business several years а. ago. b. The stock was that of General Motors Corporation and was purchased last year. X inherited the stock from her grandfather, who...
(COs 4 and 5) Maria, who is single, had the following items for 2018: Salary $80,000 Loss on sale of $ 1244 small business stock acquired 3 years ago ($60,000) Stock acquired 2 years ago became worthless during the year ($5,000) Long-term capital gain $17,000 Nonbusiness bad debt ($8,000) Casualty gain on property held 4 years $4,000 Determine Maria's adjusted gross income for 2018.
Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 800 shares of stock in Hobbes Corporation, a new startup company, for $114,400. Calvin acquired the stock directly from Hobbes, and it is classified as $ 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid- in capital). On January 15, 2019, Calvin sold all of his Hobbes stock for $11,440. Assuming that Calvin is single, determine his tax consequences as a result of...
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Problem 3-42 (LO. 6, 8) During the year, Inez, a single individual, recorded the following transactions involving capital assets. Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago and used for family vacations) Gain on the sale of ADM stock (purchased 9 months ago as an investment) Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction...
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