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...
Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 350 shares of stock in Hobbes Corporation, a new startup company, for $121,800. 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 $12,180. Assuming that Calvin is single, determine his tax consequences as a result of this...
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...
Problem 7-32 (LO. 2, 8) Abby, a single taxpayer, purchased 10,000 shares of $ 1244 stock several years ago at a cost of $20 per share. In November of the current year, Abby received an offer to sell the stock for $12 per share. She has the option of either selling all of the stock now or selling half of the stock now and half of the stock in January of next year. Abby will receive a salary of $80,000...
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