ZuoTi.Pro
Question

Kennedy’s other income includes the following. Loss from the sale of Oopsy Inc. stock. She acquired...

Kennedy’s other income includes the following. Loss from the sale of Oopsy Inc. stock. She acquired 100 shares on June 30th five years ago for $11,000 and sold the 100 shares on August 1st of the current year for $6,000. She received a 1099-B which was reported to the IRS. She received qualified dividends from Hippie Inc. in the amount of $4,000. She earned interest income from a mutual fund at FBB Bank in the amount of $3,000.

How is the following reported on a tax return with capital gain/loss?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

dividend of $4000 is exempted, that is not taxable.

Loss of $5000(6000$-11000$) is carried forward.

interest of $3000 is taxable.

so total income =3000$ would be reported in tax return.

0 0
Add a comment
Know the answer?
Add Answer to:
Kennedy’s other income includes the following. Loss from the sale of Oopsy Inc. stock. She acquired...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • federal tax question. complete the proper tax form interest and ordinary dividends and any other necessary...

    federal tax question. complete the proper tax form interest and ordinary dividends and any other necessary forms. For investment income due 11-24-19 thank you Investment Income During 2018, the Heavho's received $1,100 in interest from Sellville National Bank. They also received $800 in tax-exempt interest from municipal bonds issued by the City of Sellville. The Sellville bonds are not private activity bonds. In 2018, the Heavhos received qualified ordinary dividend income from (1) Black Inc. of $550, (2) Nojoke Capital...

  • During 2019, your clients, Mr. and Mrs. Garcia, owned the following investment assets: Investment Assets Date...

    During 2019, your clients, Mr. and Mrs. Garcia, owned the following investment assets: Investment Assets Date Acquired Purchase Price Broker’s Commission Paid at Time of Purchase 300 shares of ALPHABET INC common 11/22/2016 $10,550 $150 200 shares of ALPHABET INC common 4/3/2017 $48,000 $250 3,000 shares of Amazon preferred 12/12/2017 $152,000 $1,350 2,100 shares of Oracle common 8/14/2018 $53,000 $650 451 Shares of Fidelity mutual fund 3/2/2019 $15,100 No load fund*             *No commissions are charged when no load mutual...

  • Hannah Tywin owns 100 shares of MM Inc. stock. She sells the stock on December 11...

    Hannah Tywin owns 100 shares of MM Inc. stock. She sells the stock on December 11 for $25 per share. She received the stock as a gift from her Aunt Pam on March 20 of this year when the fair market value of the stock was $18 per share. Aunt Pam originally purchased the stock seven years ago at a price of $12 per share. What is the amount and character of Hannah's recognized gain or loss on the stock?...

  • Milly Manpower, age 45, is single and has no dependents. Her social security number is 987-65-4321....

    Milly Manpower, age 45, is single and has no dependents. Her social security number is 987-65-4321. Milly lives at 3000 Westcliffe Drive, Cedar City, Utah 84720. She has no interest in contributing to any Presidential Election Campaign. The following are her tax related items: Milly has a full-time job as a senior administrative assistant at Let’s Get To Work, Services, Inc. She earned a $60,000 salary from Let’s Go To Work, Inc. They withheld federal income tax of $6,000 and...

  • 21. Taxable interest received by the taxpayer is reported on which of the following forms? A. Form 1040 (secon...

    21. Taxable interest received by the taxpayer is reported on which of the following forms? A. Form 1040 (second page) and Schedule A. B. Form 1040 (second page) and Schedule B. C. Form 1040 (second page) and Schedule D. 22. Which one of the following statements describes dividends? A. Dividends on insurance policies are generally taxable. B. Exempt-interest dividends received from a mutual fund are included in gross income, but at a favorable tax rate. C. Nontaxable dividends reduce the...

  • Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...

    Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is...

  • Nonqualified sale Disqualifying disposition C Mark for follow up Question 27 of 75. A taxpayer brings...

    Nonqualified sale Disqualifying disposition C Mark for follow up Question 27 of 75. A taxpayer brings in a Form 1099-B showing $7,521 in net proceeds from the May 20, 2018, sale of non-covered shares What are all of the other items you need to know to report the transaction? The date(s) the asset was acquired and the asset basis on the sale date. O Whether the client sold stocks or mutual funds. O The asset basis on the sale date....

  • Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2018: Ordinary dividends...

    Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2018: Ordinary dividends $250 Capital gain distributions $170 Nontaxable distributions $80 Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Moss National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2018. What amount is reportable as taxable interest income?...

  • 1.) Marietta will use the single filing status for 2019. She owns shares of stock and...

    1.) Marietta will use the single filing status for 2019. She owns shares of stock and during the year, she received dividends from this investment. She received a 2019 form 1099 Div from the company reporting a distribution of $1000 in total ordinary dividends, shown in box 1 and qualified dividends of $1000 shown inbox 2. Mariwtta's only other income was from wages. Her taxable income for the year was $36,500. How much tax will she owe on the dividend...

  • when a taxpayer fails to meet the holding requirement for statutory stock Question 26 of 75....

    when a taxpayer fails to meet the holding requirement for statutory stock Question 26 of 75. The sale of stock is considered a(n) options. O Qualified sale O Ordinary disposition O Nonqualified sale O Disqualifying disposition Mark for follow up Question 27 of 75. A taxpayer brings in a Form 1099-B showing $7,521 in net proceeds from the May 20, 2018, sale of non-covered Share What are all of the other items you need to know to report the transaction?...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT