Mike, who is a person, who works as a car salesman is also trades in the stock market. In 2020, he had the following stock transactions: Asset Number Asset Date Bought and Price Date Sold and Price 1 50 Shares of IBM Stock 4/23/2014 for $5000 3/05/2018 for $7,000 2 20 Shares of Mitsui Bank 04/06/2018 for $9,000 07/06/2018 for $6,500 3 500 Newmont Mining 05/24/2016 for $7,500 07/09/2018 for $3,500 4 140 Shares of ExxonMobil 03/06/2018 for $7,000 09/20/2018 for $9,000 5 200 Shares of Scams R Us 03/16/2017 for $8,000 03/16/2018 for $1,000 Using the chart below complete the gains and losses and determine the overall gain and loss (10PTS) Asset Number Long Term or Short Term Total Gain/Loss Tax Rate (if Gain) 1 2 3 4 5 Mike had a net income of $250,000 (he is a really good car salesman) and single. What is the total Net Investment Income Tax for the gains and losses in 2020? (5PTS).
Mike, who is a person, who works as a car salesman is also trades in the stock market. In 2020, he had the following stock transactions:
|
Asset Number |
Asset |
Date Bought and Price |
Date Sold and Price |
|
1 |
50 Shares of IBM Stock |
4/23/2014 for $5000 |
3/05/2018 for $7,000 |
|
2 |
20 Shares of Mitsui Bank |
04/06/2018 for $9,000 |
07/06/2018 for $6,500 |
|
3 |
500 Newmont Mining |
05/24/2016 for $7,500 |
07/09/2018 for $3,500 |
|
4 |
140 Shares of ExxonMobil |
03/06/2018 for $7,000 |
09/20/2018 for $9,000 |
|
5 |
200 Shares of Scams R Us |
03/16/2017 for $8,000 |
03/16/2018 for $1,000 |
Using the chart below complete the gains and losses and determine the overall gain and loss (10PTS)
|
Asset Number |
Long Term or Short Term |
Total Gain/Loss |
Tax Rate (if Gain) |
|
1 |
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2 |
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3 |
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4 |
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5 |
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Mike had a net income of $250,000 (he is a really good car salesman) and single. What is the total Net Investment Income Tax for the gains and losses in 2020? (5PTS).
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