Please answer.it would be a great help.upvote confirm 42. LO.5 Phil and Susan Hammond are married taxpayers filing a joint return. Thecouple 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. Hegenerally buys and holds for long-term gain but occasionally gets in and out of astock quickly. The couple's 2018 stock transactions are detailed below. In addition,they have $2,300 of qualifying dividends.What is Phil and Susan's AGI?a.ItemDate AcquiredDate SoldCostSales PriceBlue stock (10 shares)11/10/1703/12/18$ 3,000$ 6,000Purple stock (100 shares)12/13/1605/23/1836,00032,000Beige stock (50 shares)12/14/1307/14/1813,00014,500Red stock (100 shares)06/29/1705/18/1826,00027,000Black stock (100 shares)05/15/1710/18/1867,00067,800Gray stock (100 shares)04/23/1610/18/1889,00088,200b.Complete a Form 8949 for the Hammonds (Phil's Social Security number is123-45-6789). Assume that the stock sale information was reported to theHammonds on a Form 1099–B and that basis information was provided to the IRS.

Adjusted Gross Income is the term used in the calculation of gross income for all taxable sources…

Answered: a. What is Phil and Susan's AGI?

Business

Accounting

a. What is Phil and Susan's AGI?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please answer.it would be a great help.upvote confirm

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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