a. What is Phil and Susan's AGI?
Chapter1: Financial Statements And Business Decisions
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![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.
What is Phil and Susan's AGI?
a.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F391d88a1-0745-4e0c-bcbf-04d3c71715ff%2Fdddac4ba-f032-4381-9045-200ee9f11222%2F4dreux_processed.jpeg&w=3840&q=75)
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.
What is Phil and Susan's AGI?
a.
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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