If a taxpayer had $10,000 of W-2 income and a $12,000 net capital loss, what would be the adjusted gross income (AGI)?
$8,000
$12,000
$7,000
$2,000
If a taxpayer had $10,000 of W-2 income and a $12,000 net capital loss, what would...
1. Last year, taxpayer had a $10,000 nonbusiness bad debt. Taxpayer also had an $8,000 capital gain and taxable income of $35,000. If taxpayer collects the entire $10,000 during the current year, what amount needs to be included in gross income in the current year?
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...
Calculate the taxpayer's adjusted gross income (AGI) for 2018. The taxpayer has the following 4. items: Wages received Dividend received $90,000 $ 1,000 (from Google stock) $ 4,000 Child support received Home mortgage-interest paid $ 3,000 Interest income 200 (from city of Akron) $ 4,000 $ 12,000 Net Capital Loss Standard Deduction
•Taxpayer has income and loss from sales of capital stock as follows: •Short term gains of $5,000 •Long term loss of $2,000 •Carryforward of loss from prior years of $10,000 •How much capital gain income or loss will taxpayer recognize in the current tax year? •If there is a carryforward to the next year – how much?
Ordinary taxable income refers to: AGI minus net capital gains and qualified dividends of the taxpayer. AGI plus net capital gains and qualified dividends of the taxpayer. Taxable income minus net capital gains and qualified dividends of the taxpayer. Taxable income plus net capital gains and qualified dividends of the taxpayer.
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...
In the current year, John Barraclough has $50,000 of adjusted gross income, a $10,000 casualty loss and a $2,000 casualty gain. How much is John's net deductible casualty loss after making all appropriate reductions, assuming the casualty was associated with a federally declared disaster? a. $0 b. $2,900 c. $3,000 d. $7,900 e. $8,000
(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
During 2011, someone broke into Jacob’s personal residence and took the following items:Asset Adjusted Basis FMV before FMV after Insurance RecoveryBusiness computer $12,000 $10,000 $0 $7,000Bearer bonds $30,000 $32,000 $0 $0Silverware $7,000 $10,000 $0 $2,000Cash $8,000 $8,000 $0 $0Jacob is an employee and used the computer 100% of the time in his employment. Although his homeowner’s insurance policy paid Jacob $7,000 for the stolen computer,Jacob’s employer did not reimburse Jacob for any of the remainder of his loss. Jacob’s AGI...
Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017. He also generates a net operating loss of $6,000 in 2018. Finally, in 2019, Tyler's business turns a corner and he generates taxable income of $17,000. a. How much of Tyler's 2017 NOL is carried forward to 2020? b. How much of Tyler's 2018 NOL is carried forward to 2020?