In 2022, K, age 12, received a gift of stocks and bonds from K's uncle Hal. K had interest income of $900, dividend income of $4,000, from the stocks and bonds during 2022 and also earned $1,000 from walking dogs in the neighborhood. K's parents have taxable income of $80,000 and file a joint return. K had no expenses and files K's own return. What is K's a. Gross Income b. Net Unearned Income c. Tax Due
In 2022, K, age 12, received a gift of stocks and bonds from K's uncle Hal. K had interest income of $900, dividend income of $4,000, from the stocks and bonds during 2022 and also earned $1,000 from walking dogs in the neighborhood. K's parents have taxable income of $80,000 and file a joint return. K had no expenses and files K's own return. What is K's a. Gross Income b. Net Unearned Income c. Tax Due
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter10: Individuals: Income, Deductions, And Credits
Section: Chapter Questions
Problem 3CE
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Question
In 2022, K, age 12, received a gift of stocks and bonds from K's uncle Hal. K had interest income of $900, dividend income of $4,000, from the stocks and bonds during 2022 and also earned $1,000 from walking dogs in the neighborhood. K's parents have taxable income of $80,000 and file a joint return. K had no expenses and files K's own return. What is K's
a. Gross Income
b. Net Unearned Income
c. Tax Due
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