Henry and Jane, MFJ taxpayers, have a taxable income of $305,000 before considering any of the items below. They sold the following assets during the year: Asset Sale Price Tax Basis Purchased Sold ABC Stock $ 51,000 $ 25,500 1/2/22 8/1/24 XYZ Stock $ 13,000 $ 9,750 2/1/24 9/2/24 Stamp Collection $ 11,000 $ 5,500 2/7/21 7/5/24 RST Stock $ 14,000 $ 20,000 6/4/24 10/2/24 Rental Home $ 101,000 $ 50,500* 5/5/19 7/8/24 *$25,250 of the gain is a 25 percent gain. The remaining gain is 0% or 15% or 20%. Henry also applies a $2,000 long-term loss carryover from 2023. $5,000 of dividends which are not included in the $305,000. What is Henry’s total 2024 tax liability?

Henry and Jane, MFJ taxpayers, have a taxable income of $305,000 before considering any of the items below. They sold the following assets during the year: Asset Sale Price Tax Basis Purchased Sold ABC Stock $ 51,000 $ 25,500 1/2/22 8/1/24 XYZ Stock $ 13,000 $ 9,750 2/1/24 9/2/24 Stamp Collection $ 11,000 $ 5,500 2/7/21 7/5/24 RST Stock $ 14,000 $ 20,000 6/4/24 10/2/24 Rental Home $ 101,000 $ 50,500* 5/5/19 7/8/24 *$25,250 of the gain is a 25 percent gain. The remaining gain is 0% or 15% or 20%. Henry also applies a $2,000 long-term loss carryover from 2023. $5,000 of dividends which are not included in the $305,000. What is Henry’s total 2024 tax liability?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 6BCRQ

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Henry and Jane, MFJ taxpayer (taxable income is $305,000 before considering any of the items below), sold the following assets during the year: Asset Sale Price Tax Basis Gain or Loss Holding Period ABC Stock XYZ Stock Stamp Collection RST Stock Rental Home $51,000 $13,000 $25.500 $9,750 $11,000 $ 5,500 $ 25,500 More than One Year $3,250 Less than One Year $5.500 More than One Year $ 14,000 $ 20.000 $ (6,000) Less than One Year $101,000 $ 50,500* $ 50,500 More than One Year *$25,250 of the gain is a 25 percent gain. The remaining gain is 0% or 15% or 20%. Henry also has $5,000 of dividends which are not included in the $305,000. What is Henry's total tax liability? Note: Round final answer to the nearest whole number. Blank 1
Henry and Jane, MFJ (taxable income is $305,000 before considering any of the items below), sold the following assets during the year: Asset Sale Price Tax Basis Gain or Loss Holding Period ABC Stock $ 51,000 $ 25,500 $ 25,500 More than One Year XYZ Stock $ 13,000 $ 9,750 $ 3,250 Less than One Year Stamp Collection $ 11,000 $ 5,500 $ 5,500 More than One Year RST Stock $ 14,000 $ 20,000 $ (6,000) Less than One Year Rental Home $ 101,000 $ 50,500* $ 50,500 More than One Year *$25,250 of the gain is a 25 percent gain. The remaining gain is 0% or 15% or 20%. Henry also has $5,000 of dividends which are not included in the $305,000. What is Henry’s total tax liability?
4
n 2000, Ms. Ennis, a head of household, contributed $76,000 in exchange for 760 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 760 shares for $124,000. Her only other investment income was an $7,700 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $549,000. Assume the taxable year is 2022. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Compute Ms. Ennis’s income tax and Medicare contribution tax for the year. How would the computation change if Ms. Ennis acquired the Seta stock in 2019 instead of 2000?
The trustee of the Pieper Trust can distribute any amount of accounting income and corpus to the trust’s beneficiaries, Lydia and Avi. This year, the trust incurred the following. Taxable interest income $40,000Tax-exempt interest income 20,000Long-term capital gains—allocable to corpus 80,000 Legal and accounting fees—allocable to corpus 9,000 The trustee distributed $26,000 to Lydia and $13,000 to Avi. What is Pieper’s trust accounting income? What is Pieper’s DNI? What is Pieper’s taxable income? What amounts are taxed to each of the beneficiaries?
The Taffy Trust is a simple trust. Sean is its sole beneficiary. In the current year, the trust earns $12,000 in taxable interest and $30,000 in rental income. In addition, the trust recognizes a $4,000 long-term capital gain and $1,100 long-term capital loss. The trustee charges a fee of $6,500 for the year. Depreciation related to the rental property is $2,800. However, if the trust agreement allocates one-half of the fiduciary's fees as well as all of the capital gains and losses to income, the trust accounting income is ?
At the time of his death this year on September 4, Kenneth owned the following assets, among others: Fair Market Value Houston (TX) Independent School District bonds $2,500,000 Stock in Brown Corporation 900,000 Promissory note issued by Brad (Kenneth's son) 600,000 In October, the executor of Kenneth's estate received the following: $120,000 interest on the Houston (TX) Independent School District bonds ($10,000 accrued since September 4), and a $7,000 cash dividend on the Brown stock (date of record was September 3). The declaration date on the dividend was August 12. Assume that the school district is solvent. The $600,000 loan was made to Brad in late 2011. Kenneth's will does not forgive Brad's note. The business that Brad started with the loan funds was not successful and is near receivership (note is considered worthless). The Kenneth's gross estate includes $
Arams taxable income before considering capital gains and losses is $81,000. Determine arams taxable income and how much of the income will be taxed at ordinary rates.
Rose Corporation (a calendar year taxpayer) has taxable income of $290,000, and its financial records reflect the following for the year: Required: Calculate Rose Corporation’s Current E & P
Arams taxable income before considering capital gains and losses is $81,000. Determine arams taxable income and how much of the income will be taxed at ordinary rates.
Jack, an individual calendar-year taxpayer engaged in the following transactions: Purchased 100 shares of Core Co. common stock for $15,000 on December 15, Year 1 Purchased an additional 100 shares of Core Co. common stock for $13,000 on December 30, Year 1 On January 3, Year 2, sold for $10,000 the 100 shares purchased on December 15th Based on these transactions, what amount of loss from the sale of Core's stock is deductible on Jack's Year 1 and Year 2 income tax returns? Year 1 $0; Year 2 $3,000 Year 1 $0; Year 2 $5,000 Year 1 $0; Year 2 $2,000 Year 1 $0; Year 2 $0
Zeno, Incorporated sold two capital assets in 2022. The first sale resulted in a$53,000 capital loss, and the second sale resulted in a $25,600 capital gain. Zenowas incorporated in 2018, and its tax records provide the following information:2018 2019 2020 2021Ordinary income $ 443,000 $ 509,700 $ 810,300 $ 921,Net capital gain 22,000 0 4,120 13,Taxable income $ 465,000 $ 509,700 $ 814,420 $ 934,Required:a.Compute Zeno’s tax refund from the carryback of its 2022 nondeductible capitalloss. Zeno’s marginal tax rate was 21 percent for each prior year.b. Compute Zeno’s capital loss carryforward into 2023.

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Asset	Sale Price	Tax Basis	Purchased	Sold
ABC Stock	$ 51,000	$ 25,500	1/2/22	8/1/24
XYZ Stock	$ 13,000	$ 9,750	2/1/24	9/2/24
Stamp Collection	$ 11,000	$ 5,500	2/7/21	7/5/24
RST Stock	$ 14,000	$ 20,000	6/4/24	10/2/24
Rental Home	$ 101,000	$ 50,500*	5/5/19	7/8/24