Homework Answers
| working | |||||
| Short term | Long term overall | Long term 28% | Long term 25% | Long term 0/15/20% | |
| Stock N | 10100 | ||||
| Stock O | -4900 | ||||
| Antiques | 5100 | 5100 | |||
| Unrecaptured 1250 gain | 30000 | 30000 | |||
| Remining Gain from rental property | 182100 | 182100 | |||
| Stock L | 11100 | 11100 | |||
| Stock m | -8900 | -8900 | |||
| Total | 5200 | 5100 | 30000 | 184300 | |
| Ordinary income is (404200+5200) | 409400 | ||||
| Amt | Income type | Rate | Tax | ||
| $19,050 | Ordinary | 10% | $1,905 | ||
| (77400-19500) | Ordinary | 12% | 6948 | ||
| $77,401 to $165,000 | Ordinary | 22% | 10512 | ||
| $165,001 to $315,000 | Ordinary | 24% | 36000 | ||
| $315,001 to $400,000 | Ordinary | 32% | 27200 | ||
| $400,001 to $600,000 | Ordinary | 35% | 3290 | ||
| 30000 gain | 25% | 7500 | |||
| 5100 capital gain | 28% | 1428 | |||
| 184300 capital gain | 15% | 27645 | |||
| Total gross tax liability | $122,428 |
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During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and Cap...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) - United States Capital Asset Market Value Tax Basis Holding Period L stock $ 53,000 $ 42,500 > 1 year M stock 31,000 40,500 > 1 year N stock 33,000 23,500 < 1 year O stock 29,000 34,500 < 1 year Antiques 10,000 5,500 > 1 year Rental home 303,000* 91,500 > 1 year *$30,000 of the...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset Market Value Tax Basis Holding Period L stock $ 53,600 $42,800 > 1 year M stock 31,600 40,800 > 1 year N stock 33,600 23,800 < 1 year O stock 29,600 34,800 < 1 year Antiques 10,600 5,800 > 1 year Rental home 303,600* 91,800 > 1 year $30,000 of the gain is 25 percent...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset Market Value Tax Basis Holding Period L stock $ 50,000 $ 41,000 > 1 year M stock 28,000 39,000 > 1 year N stock 30,000 22,000 < 1 year O stock 26,000 33,000 < 1 year Antiques 7,000 4,000 > 1 year Rental home 300,000* 90,000 > 1 year *$30,000 of the gain is 25...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset Market Value Tax Basis Holding Period L stock $ 50,000 $ 41,000 > 1 year M stock 28,000 39,000 > 1 year N stock 30,000 22,000 < 1 year O stock 26,000 33,000 < 1 year Antiques 7,000 4,000 > 1 year Rental home 300,000* 90,000 > 1 year *$30,000 of the gain is 25...
Required information [The following information applies to the questions displayed below.) During the current year, Ron...
Required information [The following information applies to the questions displayed below.) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,000 28,000 30,000 26,000 7,000 300.000 Tax Basis $41,000 39,000 22,000 33,000 4,000 90.000 Holding Period > 1 year > 1 year <l year < 1 year > 1 year...
Required information The following information applies to the questions displayed below.) During the current year, Ron...
Required information The following information applies to the questions displayed below.) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules) Capital Asset L stock M stock N stock Ostock Antiques Rental hone Market Value $ 53,000 31,000 33.000 29.000 10.099 303,00 Tax Basis $42, see 40,500 23.500 34,500 5,500 91,500 Holding Period > 1 year > 1 year < 1 year < 1 year > 1...
Required information (The following information applies to the questions displayed below.) During the current year, Ron...
Required information (The following information applies to the questions displayed below.) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,000 28,000 30,000 26,000 7,000 300,000* Tax Basis $41,000 39,000 22,000 33,000 4,000 90,000 Holding Period > 1 year > 1 year < 1 year < 1 year > 1...
Rikki has the following capital gains and losses for the current year: Short-term capital gain $1,000...
Rikki has the following capital gains and losses for the current year: Short-term capital gain $1,000 Long-term capital gain 11,000 Long-term capital loss 3,000 Collectibles gain 8,000 Collectibles loss 2,000 Assume that Rikki is in the 32% marginal tax rate bracket and Rikki's AGI is less than $200,000. Refer to the Capital gains and losses (individuals) table to answer the following question. Due to the effect of the capital gains and losses, Rikki's taxable income is increased by $ and...
* More Info Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five...
* More Info Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: • Ordinary income tax rates (up to 37% in 2018) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing...
Problem 11-3 Corporate Tax Rates, Corporate Capital Gains and Losses (LO 11.1, 11.2) For its current...
Problem 11-3 Corporate Tax Rates, Corporate Capital Gains and Losses (LO 11.1, 11.2) For its current tax year, Ilex Corporation has ordinary income of $260,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000 Calculate Ilex Corporation's tax liability for 2018. 76,850 x Feedback Check My Work Prior to 2018, the U.S. corporate tax rate structure had eight tax brackets with progressive marginal tax rates ranging from 15 percent to 39 percent. Starting in 2018, corporations...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset Market Value Tax Basis Holding Period L stock $ 53,600 $42,800 > 1 year M stock 31,600 40,800 > 1 year N stock 33,600 23,800 < 1 year O stock 29,600 34,800 < 1 year Antiques 10,600 5,800 > 1 year Rental home 303,600* 91,800 > 1 year $30,000 of the gain is 25 percent...
Required information [The following information applies to the questions displayed below.) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,000 28,000 30,000 26,000 7,000 300.000 Tax Basis $41,000 39,000 22,000 33,000 4,000 90.000 Holding Period > 1 year > 1 year <l year < 1 year > 1 year...
Required information The following information applies to the questions displayed below.) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules) Capital Asset L stock M stock N stock Ostock Antiques Rental hone Market Value $ 53,000 31,000 33.000 29.000 10.099 303,00 Tax Basis $42, see 40,500 23.500 34,500 5,500 91,500 Holding Period > 1 year > 1 year < 1 year < 1 year > 1...
Required information (The following information applies to the questions displayed below.) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,000 28,000 30,000 26,000 7,000 300,000* Tax Basis $41,000 39,000 22,000 33,000 4,000 90,000 Holding Period > 1 year > 1 year < 1 year < 1 year > 1...
Rikki has the following capital gains and losses for the current year: Short-term capital gain $1,000 Long-term capital gain 11,000 Long-term capital loss 3,000 Collectibles gain 8,000 Collectibles loss 2,000 Assume that Rikki is in the 32% marginal tax rate bracket and Rikki's AGI is less than $200,000. Refer to the Capital gains and losses (individuals) table to answer the following question. Due to the effect of the capital gains and losses, Rikki's taxable income is increased by $ and...
* More Info Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: • Ordinary income tax rates (up to 37% in 2018) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing...
Problem 11-3 Corporate Tax Rates, Corporate Capital Gains and Losses (LO 11.1, 11.2) For its current tax year, Ilex Corporation has ordinary income of $260,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000 Calculate Ilex Corporation's tax liability for 2018. 76,850 x Feedback Check My Work Prior to 2018, the U.S. corporate tax rate structure had eight tax brackets with progressive marginal tax rates ranging from 15 percent to 39 percent. Starting in 2018, corporations...
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