In 2000, Ms. Ennis, a head of household, contributed $79,000 in exchange for 790 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 790 shares for $119,000. Her only other investment income was an $9,000 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $522,000. Assume the taxable year is 2018. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends.
How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000?
In 2000, Ms. Ennis, a head of household, contributed $79,000 in exchange for 790 shares of Seta s...
In 2000, Ms. Ennis, a head of household, contributed $79,000 in exchange for 790 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 790 shares for $119,000. Her only other investment income was an $9,000 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $522,000. Assume the taxable year is 2018. Use Individual tax rate schedules and Tax rates for capital gains and...
In 2000, Ms. Ennis, a head of household, contributed $69,000 in exchange for 690 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 690 shares for $124,000. Her only other investment income was an $7,100 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $517,000. Assume the taxable year is 2020.Compute Ms. Ennis’s income tax and Medicare contribution tax for the year.How would the computation...
Angelena files as a head of household. In 2019, she reported $54,250 of taxable income, including a $12,400 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the tax rate schedules, long-term capital gains tax brackets)
In 2020, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) On May 12, 2020, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma’s death was $90,000 and Grandma’s adjusted basis of the painting was $25,000. They applied a long-term capital loss carryover from...
Time Remaining Return Next 3 1 point Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2019, Taxpayer sold all 350 shares for a price of $22 per shares (total sales price of $7,700). By 10 January 2020, market conditions had changed, and Taxpayer decided to purchase another 350 shares of XYZ Corporation at a cost of $23 per share (total cost...
In 2020, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2020, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $90,000 and Grandma's adjusted basis of the painting was $25,000. b. They applied a long-term capital loss...
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...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
lease complete the 2019 Form 1040 (Stop after completing Line 12a, round up to the nearest dollar),Schedule-1 and Schedule A for the taxpayer: Julie Anderson is a project manager and her wage is 74,200. Julie's father passed away on April 14. She inherited her father’s cottage (vacation home) in Montana and 80,000 cash. She used the 80,000 to invest in an annuity product that pays her $ 10,000 per year for the next 10 years. The first yearly payment ($10,000)...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,300 in 2018. She is 45 years old and has been divorced for
four years. She receives $1,290 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,400 of rental
payments from tenants and she incurred $19,656 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...