а. What is Phil and Susan's AGI? Item Date Acquired Date Sold Cost Sales Price Blue stock (10 shares) 11/10/17 03/12/18 $ 3,000 $ 6,000 Purple stock (100 shares) 12/13/16 05/23/18 36,000 32,000 Beige stock (50 shares) 12/14/13 07/14/18 13,000 14,500 Red stock (100 shares) 06/29/17 05/18/18 26,000 27,000 Black stock (100 shares) 05/15/17 10/18/18 67,000 67,800 Gray stock (100 shares) 04/23/16 10/18/18 89,000 88,200 Complete a Form 8949 for the Hammonds (Phil's Social Security number is 123-45-6789). Assume that the stock sale information was reported to the Hammonds on a Form 1099-B and that basis information was provided to the IRS. b.
а. What is Phil and Susan's AGI? Item Date Acquired Date Sold Cost Sales Price Blue stock (10 shares) 11/10/17 03/12/18 $ 3,000 $ 6,000 Purple stock (100 shares) 12/13/16 05/23/18 36,000 32,000 Beige stock (50 shares) 12/14/13 07/14/18 13,000 14,500 Red stock (100 shares) 06/29/17 05/18/18 26,000 27,000 Black stock (100 shares) 05/15/17 10/18/18 67,000 67,800 Gray stock (100 shares) 04/23/16 10/18/18 89,000 88,200 Complete a Form 8949 for the Hammonds (Phil's Social Security number is 123-45-6789). Assume that the stock sale information was reported to the Hammonds on a Form 1099-B and that basis information was provided to the IRS. b.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer both a and b.try please asap. upvote confirm
Transcribed Image Text:42. LO.5 Phil and Susan Hammond are married taxpayers filing a joint return. The
couple have two dependent children. Susan has wages of $34,000 in 2018.
Phil does not work due to a disability, but he is a buyer and seller of stocks. He
generally buys and holds for long-term gain but occasionally gets in and out of a
stock quickly. The couple's 2018 stock transactions are detailed below. In addition,
they have $2,300 of qualifying dividends.
а.
What is Phil and Susan's AGI?
Item
Date Acquired
Date Sold
Cost
Sales Price
Blue stock (10 shares)
11/10/17
03/12/18
$ 3,000
$ 6,000
Purple stock (100 shares)
12/13/16
05/23/18
36,000
32,000
Beige stock (50 shares)
12/14/13
07/14/18
13,000
14,500
Red stock (100 shares)
06/29/17
05/18/18
26,000
27,000
Black stock (100 shares)
05/15/17
10/18/18
67,000
67,800
Gray stock (100 shares)
04/23/16
10/18/18
89,000
88,200
b. Complete a Form 8949 for the Hammonds (Phil's Social Security number is
123-45-6789). Assume that the stock sale information was reported to the
Hammonds on a Form 1099–B and that basis information was provided to the IRS.
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