Homework Answers
ANSWER:- LUPIN AND TONKS HAVE TAXABLE INCOME OF $415000
CONSIDER THE FOLLOWING ASSETS-
CALCULATED THE NET PROFIT /LOSSES,LONG TERM /SHORT TERM=
| PARTICULAR | MARKET VALUE | TAX BASIC |
| LONG TERM CAPITAL ASSETS ( LTCG)= | ||
| DOBBY STOCK | 32000 | 49000 |
| VOLDEMORT STATUS | 155000 | 75000 |
| HEDWIG STOCK | 40000 | 27000 |
| RENTEL HOUSE | 270000 | 199000 |
| SNAPE STOCK | 57300 | 63600 |
| TOTAL LTCG | 554300 | 413600 |
| SHORT TERM CAPITAL ASSETS(STCG)= | ||
| NAGINI STOCK | 11500 | 1900 |
| SCABBERS STOCK | 29000 | 26000 |
| MALFOYSTOCK | 42000 | 48000 |
| TOTAL STCG | 72500 | 75900 |
NET TOTAL TAXABLE INCOME=$415000
ADD :-LTCG +413600
ADD:- STCG + 75900
TOTAL =$ 904500
LESS:- LONG TERM CAPITAL LOSS CARRY FORWARD ($15000)
LESS :- COST OF RENTAL HOUSE ($33750)
NET TAXABLE TOTAL INCOME=$855750
NOTE:-1=LTCG=LONG TERM CAPIAL GAIN,STCG=SHORT TERM CAPITAL GAIN
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