Answered: Xavier Brown (32) is filing as a single…

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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Xavier Brown (32) is filing as a single taxpayer. During the year, he was unhappy with the performance of an investment he had made in ALX Corporation in 2018. Xavier sold his shares on May 4, 2020, for fear the stock would continue its downward trend. Information relating to the sale was reported to him on Form 1099-B.

Xavier had no other capital gains or losses during the year. His only other income was from wages.

Xavier received the following Form 1099-B reporting the sale of 100 shares of stock. How should he report the sale of this property when he prepares his tax return?

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eview the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return.
he sale was reported to him on Form 1099-B.
avier Brown (32) is filing as a single taxpayer. During the year, he was unhappy with the performance of an investment he had made in ALX Corporation in 2019. Xavier sold his sha
Cavier had no other capital gains or losses during the year. His only other income was from wages.
07-2011702
Question 15 of 50.
Xavier received the following Form 1099-B reporting the sale of 100 shares of stock. How should he report the sale of this property when he prepares his tax return?
RECIPIENT'S name
XAVIER BROWN
Street address (including apt. no.)
218 ROSEMARY LANE
Account number (see instructions)
1861354
CUSIP number
City or town, state or province, country, and ZIP or foreign postal code
YOUR CITY, YS XXXXX
14 State name
YS
Form 1099-B
RECIPIENT'S TIN
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15 State identification no. 16 State tax withhold
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1d Procoods
$ 6,640.00
OMB No. 1545-0715
2021
Form 1099-B
1a Description of property (Example: 100 sh. XYZ Co.)
100 SHARES ALX
1b Date acquired
02/01/2019
Gross proceeds
Net proceeds
8 Profit or loss) realized in
2021 on closed contracts
1g Wash sale loss disallowed
11 Accrued market discount
$
$
2 Short-term gain or loss
Long-term gain or loss
Ordinary
3 If checked. proceeds from:
Collectibles
QOF
4 Federal income tax withheld 5 If checked, noncovered
security
$
6 Reported to IRS:
$
10 Unrealized profit or loss) on
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$
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1c Date sold or disposed
05/04/2021
$
10 Cost or other basis
$ 8,300.00
7 checked, loss is not allowed
based on amount in 1d.
9 Unrealized profit or (oss) on
open contracts-12/31/2020
$
11 Aggregate profit or (loss)
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Proceeds From
Broker and
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Department of the Treasury - Internal Revenue Service
Copy B
For Recipient
This is important tax
information and is
being furnished to
the IRS. If you are
required to file a
return, a negligence
penalty or other
sanction may be
imposed on you if
this income is
taxable and the IRS
determines that it
has not been
reported.
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