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(COs 4 and 5) Maria, who is single, had the following items for 2018: Salary $80,000...
Maria, who is single, had the following items for 2018: Salary $80,000 Loss on sale of...
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.
Nell, single and age 38, had the following income and expense items in 2019: Nonbusiness bad...
Nell, single and age 38, had the following income and expense items in 2019: Nonbusiness bad debt $6,000 Business bad debt 2,000 Nonbusiness long-term capital gain 4,000 Nonbusiness short-term capital loss 3,000 Salary 50,000 Interest income 3,000 Personal casualty gain on an asset held for four months 10,000 Personal casualty loss on an asset held for two years 1,000 Assume all casualty losses are after the application of the $100-per-event floor. Determine Nell's AGI for 2019. (Hint: What happens to...
(CO 4) Jane files a tax return as a single taxpayer. She had the following items...
(CO 4) Jane files a tax return as a single taxpayer. She had the following items in 2018: Salary of $80,000 Interest income of $2,000 Loss of $70,000 on the sale of Section 1244 acquired 2 years ago What should be Jane's AGI for 2018? $82,000 $70,000 $12,000 $32,000
Problem 14-45 (LO. 2, 3, 5) Melaney has had a bad year with her investments. She...
Problem 14-45 (LO. 2, 3, 5) Melaney has had a bad year with her investments. She lent a friend $8,000; the friend did not repay the loan when it was due and then declared bankruptcy. The loan is totally uncollectible. Melaney also was notified by her broker that the Oak corporate bonds she owned became worthless on December 31, 2019. She had purchased the bonds for $22,000 on November 10, 2018. Melaney also had a $60,000 loss on the disposition...
Mary who files single is an pianist and earned a W-2 salary of $71,000 in 2018. Mary also incurre...
Mary who files single is an pianist and earned a W-2 salary of $71,000 in 2018. Mary also incurred the following capital gain/loss transactions in 2018 of stock Sales price Basis 8,000 6,000 10,000 10,000 4,000 11,000 Purchase 4/8/2014 7/16/2009 5/1/2008 7/12/2018 4/2/2006 5/30/2016 sold 11/3/2018 3/15/2018 4/20/2018 11/29/2018 5/2/2018 10/20/2018 10,000 27,000 17,000 jack stock hit Stock feather Stock Marriott Stock 4,000 sugar Stock Chrysler Stock 6,000 Prior year ST loss Carry forward Coin collection7,000 sold Rental property 590,000...
Exercise 4-25 (LO. 6) Several years ago, Minjun, who is single, acquired 6 1244 stock in...
Exercise 4-25 (LO. 6) Several years ago, Minjun, who is single, acquired 6 1244 stock in Blue Corporation at a cost of $60,000. He sets the Blue stock for $5,000 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.
1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary...
1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary $ 85,000 Moving expenses incurred to change jobs (12,000) Inheritance received from deceased uncle 300,000 Life insurance proceeds from policy on uncle’s life (Todd was named the beneficiary) 200,000 Cash prize from church raffle 3,000 Payment of church pledge (4,500) >> What is Todd’s AGI for 2018? 2. In 2018, Alice earns a salary of $55,000, has capital gains of $3,000, and receives interest...
Problem 3-48 (LO. 8) During 2020, Inez (a single taxpayer) had the following transactions involving capital...
Problem 3-48 (LO. 8) During 2020, Inez (a single taxpayer) had the following transactions involving capital assets: $6,000 (5,000) 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...
For vs. From AGI. During 2018, Kent, a 40-year-old single taxpayer, reports the follow-ing items of...
For vs. From AGI. During 2018, Kent, a 40-year-old single taxpayer, reports the follow-ing items of income and expense: Income: Salary $150,000 Dividends from Alta Corporation 800 Interest income from a savings account 1,500 Rental income from a small apartment he owns 8,000 Expenses: Medical 800 Interest on a principal residence 7,000 Real property taxes on the principal residence 4,300 Charitable contributions 4,000 Loss from the sale of Delta Corporation stock 2,000 (held for two years) Expenses incurred on the...
art 1. Multinle Choics te questions worth 2 points each, 10 total points possible) dendor began...
art 1. Multinle Choics te questions worth 2 points each, 10 total points possible) dendor began producing picture films in the current year. During the current year, he the following contributions to his business: mad Cash 15,000 ..30,000 uipment (adjusted basis to Condor).. (fair market value)... Loan from First Bank that he personally promised to repay.20,0 Loan from Second Bank for which he is not personally liable but that is secured by a mortgage on his home... 0,000 -Loan from...
(CO 4) Jane files a tax return as a single taxpayer. She had the following items in 2018: Salary of $80,000 Interest income of $2,000 Loss of $70,000 on the sale of Section 1244 acquired 2 years ago What should be Jane's AGI for 2018? $82,000 $70,000 $12,000 $32,000
Problem 14-45 (LO. 2, 3, 5) Melaney has had a bad year with her investments. She lent a friend $8,000; the friend did not repay the loan when it was due and then declared bankruptcy. The loan is totally uncollectible. Melaney also was notified by her broker that the Oak corporate bonds she owned became worthless on December 31, 2019. She had purchased the bonds for $22,000 on November 10, 2018. Melaney also had a $60,000 loss on the disposition...
Mary who files single is an pianist and earned a W-2 salary of $71,000 in 2018. Mary also incurred the following capital gain/loss transactions in 2018 of stock Sales price Basis 8,000 6,000 10,000 10,000 4,000 11,000 Purchase 4/8/2014 7/16/2009 5/1/2008 7/12/2018 4/2/2006 5/30/2016 sold 11/3/2018 3/15/2018 4/20/2018 11/29/2018 5/2/2018 10/20/2018 10,000 27,000 17,000 jack stock hit Stock feather Stock Marriott Stock 4,000 sugar Stock Chrysler Stock 6,000 Prior year ST loss Carry forward Coin collection7,000 sold Rental property 590,000...
Exercise 4-25 (LO. 6) Several years ago, Minjun, who is single, acquired 6 1244 stock in Blue Corporation at a cost of $60,000. He sets the Blue stock for $5,000 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.
Problem 3-48 (LO. 8) During 2020, Inez (a single taxpayer) had the following transactions involving capital assets: $6,000 (5,000) 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...
art 1. Multinle Choics te questions worth 2 points each, 10 total points possible) dendor began producing picture films in the current year. During the current year, he the following contributions to his business: mad Cash 15,000 ..30,000 uipment (adjusted basis to Condor).. (fair market value)... Loan from First Bank that he personally promised to repay.20,0 Loan from Second Bank for which he is not personally liable but that is secured by a mortgage on his home... 0,000 -Loan from...
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