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 Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions

Section: Chapter Questions

Problem 49P

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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
Henry, a single taxpayer with a marginal tax rate of 35 percent(taxable income is $319,000 before considering any of the items below), sold the following assets during the year: Asset Sale Price Tax Basis Gain/Loss Holding Period ABC Stock $ 53,800 $ 26,900 $ 26,900 More than One Year XYZ Stock $ 15,800 $ 11,850 $ 3,950 Less than One Year Stamp Collection $ 13,800 $ 6,900 $ 6,900 More than One Year RST Stock $ 16,800 $ 22,800 $ (6,000) Less than One Year Rental Home $ 103,800 $ 51,900* $ 51,900 More than One Year *$25,950 of the gain is a 25 percent gain. The remaining gain is 0/15/20 percent gain.What tax rate(s) will apply to Henry's capital gains or losses?
Ahmed, a single taxpayer with a marginal tax rate of 35 percent (taxable income is $312,000 before considering any of the items below), sold all of the following assets during the year: Asset FGH Stock ERT Stock Baseball card collection HHH Stock Rental residence* Sale Price $45,000 $12,000 $9,500 $11,000 $100,000 Tax Basis Holding Period $22,500 More than one year $8,500 Less than one year $5,500 More than one year $15,500 Less than one year $55,000 More than one year *$25,000 of the gain is a 25 percent gain. The remaining gain is 0/15/20 percent gain. What tax rate(s) will apply to each of Ahmed's capital gains or losses? Applicable Rate Explanation Long Term Short Term Long Term Short Term Long Term
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 ?
Henry, a single taxpayer with a marginal tax rate of 35 percent(taxable income is $319,000 before considering any of the items below), sold the following assets during the year: Sale Asset Tax Gain/Loss Holding Period Basis $ 53,800 26,900 $ 15,800 11,850 Price $ 26,900 More than One Year Less than One Year More than One Year $ (6,000) Less than One Year $ 51,900 More than One Year ABC Stock XYZ Stock $ $ 3,950 $ 6,900 $ 6,900 Stamp Collection RST Stock 13,800 16,800 22,800 $ 103,800 51,900* Rental Home $ *$25,950 of the gain is a 25 percent gain. The remaining gain is 0/15/20 percent gain. What tax rate(s) will apply to Henry's capital gains or losses?
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.
An individual has net income of $147,500 for the current year. In the current year, the individual donates a depreciable property with a FMV of $300,000, a capital cost and ACB of $225,000 and a UCC $147,000. It is the only property in its CCA class and no additions are made in the year and subsequent to the gift. If the individual elects to have the donation valued at its FMV, what is the maximum amount that this individual can claim as the basis for his charitable donations tax credit for the current year? Question 6 options: $110,625 $139,500 $148,875 $ 300,000
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

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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