Ans:
Assets | Holding period | Gain or loss($) |
Asset 1 | 18 months | (27,100) |
Assets 2 | 2 months | 16,260 |
Assets 3 | 3 years | 33,875 |
Total Gain= | 22,945 |
As a result of these transactions tucker has earned short term capital gain of $16,260 and long term capital gain of $ 6775 , hence net capital gain of tucker will be $22.945
Therefore he treats all of the gains and losses as capital gains and losses
Calculator Exercise 7-25 (Algorithmic) (LO.4) During the current year, Tucker had the following personal casualty gains...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
Exercise 3-23 (Algorithmic) (LO. 8) During the year, Tamara had capital transactions resulting in gains (losses) as follows: Sold stock in ABC Company (acquired two years ago) ($5,600) Sold collectible coins (held for more than one year) 7,840 Sold stock in XYZ Company (acquired six months ago) (15,680) Sold stock in LMN Company (acquired three years ago) 1,960 Determine Tamara's net capital gain or loss as a result of these transactions. As a result of these transactions, Tamara has a...
eBook Calculator E Print Item Exercise 6-10 (Algorithmic) (LO. 10) Rose dies with passive activity property having an adjusted basis of $82,800, suspended losses of $26,496, and a fair market value at the date of her death of $115,920. Of the $26,496 suspended loss existing at the time of Rose's death, how much is deductible on her final return or by the beneficiary? to $ ; therefore, none of the $26,496 suspended loss is deductible The basis for the property...
eBook TE Tax schedules Calculator Capital Gains and Losses (LO. 5) Jennifer is single and has the following income and expenses: Salary $76,300 Interest income 5,200 Dividend income 9,400 9,900 Long-term capital gain Short-term capital loss Deductions for AGI 14,200 3,100 14,800 Deductions from AGI The standard deduction is $12,000 for single taxpayers. Dividends and net long-term capital gains are taxed at a rate of 15%. Refer to the Tax sci the following question. Round intermediate calculations and final answers...
Calculator Exercise 4-26 (Algorithmic) (LO.4) taxpayer, age 64, purchases an annuity from an insurance company for $82,000. She is to receive $683 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $8,200 this year, what is the exclusion percentage and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: Induded in...
Exercise 8-21 (Algorithmic) (LO. 2) Eudid acquires a 7-year dass asset on May 9, 2017, for $256,400. Eudid does not elect immediate expensing under 5 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Eudid's cost recovery deduction is $ E x for 2017 and $ x for 2018. Feedback Check My Work Under the modifiedlaccelerated cost recovery...
eBook Calculator Exercise 5-21 (Algorithmic) (LO. 2) Mio was transferred from New York to Germany. He lived and worked in Germany for 351 days in 2020. Mio's salary for 2020 is $284,800. Assume a 366 day year. In your computation, round any division to four decimal places before converting to a percentage. For example, 0.473938 would be rounded to 0.4739 and converted to 47.39%. If required, round your final answer to the nearest dollar. What is Mio's foreign earned income...
Chap 7 Homework eBook Calculator Problem 7-19 (Algorithmic) (LO. 4) For each of the following independent transactions, calculate the recognized gain or loss to the seller and the adjusted basis to the buyer. If an amount is zero, enter "". Seller's Recognized Buyer's Adjusted Basis Gain/Loss a. Klera sells Parchment, Inc. stock (adjusted basis $37,500) to Phillip, her brother, for its fair market value of $12,800. b. Amos sells land (adjusted basis $72,200) to his nephew, Boyd, for its fair...
Calculator eBook Print Item Exercise 4-23 (Algorithmic) (LO. 4) Casper and Ceile are divorced this year, As part of the divorce settlement, Casper trandferred stock to Cecile. Casper purchased the stock for $100,000, and it had a market value of $160,000 on the date of the transfer. Cecle sold the stock for $140,000 a month after recelving t. In addition Casper is required to pay Cecile $5,000 a month in alimony. He made five payments to her during the year...