LeRoy has the following capital gains and losses for the current year:Short-term capital gain$10,000Collectible loss(3,000)Long term capital gain5,000If LeRoy is single and has a taxable income from other sources of $52,000, what is the tax on his capital gains?Oa. $2,500Ob. $3,000Oc. $2,640Od. $1.800

Capital gain: - Capital gain is the total gain comes from the short-term capitals and long-term…

Answered: LeRoy has the following capital gains…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 66P

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Brad and Angie are married and file a joint return. For year 14, they had income from wages in the amount of 100,000 and had the following capital transactions to report on their income tax return: What is the amount of capital loss carryover to year 15? a. (155,000) b. (152,000) c. (132,000) d. (125,000)
Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amount
Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
John has the following sources of income and deductions: Employment income $35,000 Interest income 5,000 Taxable dividend income 7,000 Taxable capital gain 5,000 Allowable capital loss 12,000 Subdivision e deductions 2,000 What is John's Net Income for Tax Purposes? Select one: a. $47,000 b. $49,000 c. $45,000 d. $40,000
For the current tax year, Morgan had $25,000 of ordinary income. In addition, he had an $1,900 long-term capital loss and a $1,600 short-term capital loss. What will be the amount of Morgan's capital loss carryforward to the next year? a.$300 b.$500 c.$3,500 d.$0 e.$3,000
Tonya (a single taxpayer) had the following items for last year: Salary $40,000 Short-term capital gain 12,000 Nonbusiness bad debt (23,000) Long-term capital gain 8,000 For the current year, Tonya had the following items: Salary $45,000 Long-term capital gain 5,000 Determine Tonya's adjusted gross income for the current year. A. $43,000 B. $45,000 C. $48,000 D. $50,000 E. $53,000
Ms. Beal recognized a $42,400 net long-term capital gain and a $33,000 net short-term capital loss this year. What is her current net income tax cost from her capital transactions if her marginal rate on ordinary income is 37%? Multiple Choice $6,360 $4,240 $1,880 $8,480
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.
Mike Mitchell had the following capital transaction during the current tax year: Short-term Long-term Gains $6,000 $23,000 Losses ($9,000) ($10,000) What portion of Mike's capital gains is included in his adjusted gross income? $2,000 $3,000 $4,000 $5,000 $10,000
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.
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.
Michael has the following items of income and expense for the current year: Interest income Qualified dividend income Investment interest expense Investment counseling fee His marginal tax rate is 37% and his long-term capital gains rate is 20%. (a) $12,850 $10,570 $19,220 $2,160 How much of the investment interest expense can Michael deduct as an itemized deduction if no election is made to treat any of the qualified dividend income as investment income? Deduction $

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