43. A taxpayer is single has 25,600 of taxable income included in gross income is a 1099-int with box 1 interest income of $5,000 tax exempt interest of $3,000 and interest on a US savings bond of 1,200 additionally the taxpayer has a 1099 div with dividend income of $3,000 of which $2,000 is qualified dividend and capital gain distributions of $500 is the following statement accurate about the scenario. A. The capital gain distribution would be taxed at ordinary tax rate.

43. A taxpayer is single has 25,600 of taxable income included in gross income is a 1099-int with box 1 interest income of $5,000 tax exempt interest of $3,000 and interest on a US savings bond of 1,200 additionally the taxpayer has a 1099 div with dividend income of $3,000 of which $2,000 is qualified dividend and capital gain distributions of $500 is the following statement accurate about the scenario. A. The capital gain distribution would be taxed at ordinary tax rate.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 43P

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A taxpayer filing as single has $25,600 of taxable income. Included in gross income is a 1099-int box 1 intrest income of $5,000, tax exempt intrest of $3,00 and interest on US saving bond of $1,200 additionally the taxpayer has a 1099-div wirth dividend income of 3,000 of which 2,000 is qualified dividends and capital gains distributions of $500 is the following statement accurte about this scenario? 1. the taxpayer will be taxed at 0% for $2,500 which includes the qualified dividends and capital gains distributions. 2. the taxable iinterest and dividend items should appear on Schedule B. 3. the interest on the U.S saving bonds may only be taxed on up to 85% of its value.
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Subject :- Accounting
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H1.