purchased 2,000 units in a Canadian mutual fund company for $13,000. On April 29, 2021, he sold 1,500 shares when they hit $29/share and incurred a large gain. He of course bragged about the gain but did not tell anyone about the capital loss of $5,000 that he also incurred on some other mutual funds sold earlier in the year in January 2021. His tax rate is 40%, how
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On April 29, 2017, Corey purchased 2,000 units in a Canadian mutual fund company for $13,000. On April 29, 2021, he sold 1,500 shares when they hit $29/share and incurred a large gain. He of course bragged about the gain but did not tell anyone about the capital loss of $5,000 that he also incurred on some other mutual funds sold earlier in the year in January 2021. His tax rate is 40%, how much tax will he pay on the sale of these investments
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- Sergio purchased 100 units of a mutual fund on April 1st, 2017 at a price of $20 per unit. There was a $2 per unit distribution that was paid out to investors in late November 2017 in the form of capital gains. After this distribution, Sergio's total investment was worth $2,200. As a result (and assuming Sergio is subject to a 40% marginal tax rate), what is Sergio's tax liability due to this distribution? $80.00 $100.00 $0 $40.003) Sally purchased 100 shares of Intel in her IRA on January 4, 2018 for $95 per share. She subsequently sold those shares on June 1, 2020 for $203 per share. What was the amount of her capital gain and how much tax would she pay on this transaction? 9) Sally bought 300 shares of CSCO for $35.60 in her brokerage account on March 16, 2020, and sold half of her position on August 24, 2020, for $42.20. What's her capital gain and at what tax rate will she pay on those gains? 17) Assume Josephine purchases a home for $180,000 and has a 20% down payment. If she finances the purchase with a 30 year mortgage with a 4% interest rate....... what is her monthly payment? If she pays the mortgage through the entire term with no early payment, how much interest will she pay over the life of the loan? 19) Assume Earl purchased 1000 shares of Tesla in his brokerage account on June 1, 2017 for $33.74 per share and sold his entire position for $62.93 per share on May 2, 2020. Assuming he is filing his…Oliver owns shares of a mutual fund. During the year, he received $2,200 in dividend distributions, $500 of which he immediately spent on travel and entertainment. He elected to use the remaining $1,700 to purchase additional shares of the fund. What amount of Oliver's dividend income is subject to tax for that year? $0 $500 $1,700 $2,200
- John Dufresne purchased 100 shares of Louisiana Power and Light on January 3, 2004 at a total cost of $1,983. On December 29, 2005, he sold these shares and netted $2,689, after commissions. Mr. Dufresne has a marginal tax rate of 25% and an average tax rate of 17%. To the nearest dollar, what is the effect on Marty's tax bill from the sale of these shares? A. $0.00 OB. $177 OC. $106 D. $120Mr. Ali obtained dividends of a gross amount of 200.000 TRY from a full taxpayer joint stock company in Turkey in 2021. Mr. Ali has no other income. Explain how much did the company withhold? How much Money does Mr. Ali has to declare if necessary? (Withholding rate for dividends will be taken as 15%) (Explain the method of your calculation with reasons).John is filing taxes individually, his salary is $102,000, he also received $5,000 on interest from its bank accounts, $750 on dividends from Abbot stocks, he received $10,000 from selling stocks from Tesla that were purchased 8 month ago for $7,500, and he received $16,000 on dividends and finally he sold stocks from Amazon for $17,000 and he bought them 2 years ago for $8,000. Standard deduction $12,000 Calculate a. Taxable income coming from short term b. Taxable income coming from long term & dividends c. Total Federal Tax owned d. Marginal Tax rate e. Average Tax rate Tax rate Taxable income Tax owed 10% $0 to $9,525 10% taxable income 12% $9,526 to $38,700 $952.50 plus 12% the amount over $9525 22% $38,701 to $82,500 $4453.30 plus 22% of the amount over $38700 24% $82,501 to $157,500 $14089.50 plus 24% of the amount over $82500 32% $157,501 to $200,000 $32089.5 plus 32% of the amount over $157500 35% $200,001 to $500,000 $45689.5 plus 35% of the amount over $200000 $150689.50…
- Daniel is considering selling two stocks that have not fared well over recent years. A friend recently informed Daniel that one of his stocks has a special designation, which allows him to treat a loss up to $76,000 on this stock as an ordinary loss rather than the typical capital loss. Daniel figures that he has a loss of $91,200 on each stock. If Daniel’s marginal tax rate is 35 percent and he has $182,400 of other capital gains (taxed at 15 percent), what is the tax savings from the special tax treatment?Samuel Jenkins made two invstments, the first was 13 months ago and the second was two months ago. He just sold both investments and has a capital gain of $3,000 on each. If Samuel is in the 28 percent tax bracket, what will be the amount of capital gains tax on each investment?Helen holds 1,000 shares of Fizbo Incorporated stock that she purchased 11 months ago. The stock has done very well and has appreciated $20/share since Helen bought the stock. When sold, the stock will be taxed at capital gains rates (the long-term rate is 15 percent and the short-term rate is the taxpayer's marginal tax rate). Ignore the time value of money. a. If Helen's marginal tax rate is 35 percent, how much would she save by holding the stock an additional month before selling? Tax savings b. What might prevent Helen from waiting to sell? Helen bears if she holds the stock for an additional month. The stock price could substantially if there is market volatility or if the company encounters financial difficulties. In addition, Helen may be selling the stock for which she may be unwilling to wait.
- Amrit has over 20 years of experience and earns £95,000 in wages in the 2020/2021 tax year. Over the years, he has invested his extra savings in buying shares in various firms. In this calendar year, he is expected to receive a total dividend of £7,500. Out of the total dividends, £1,500 are from ISAs. In July 2020, Amrit sadly loses his mother to Covid-19. Amrit's mother left a will which states that £50,000 of her estate should be bequeathed to Cancer Research UK, a charitable institution, with the remainder of her wealth to be bequeathed to Amrit. Moreover, Amrit's mum had £75,000 as ISA and £350,000 in her current account Question Please calculate the tax paid by Amrit. (Explain all the steps and assumptions(rules) in your calculations) thanksDaniel is considering selling two stocks that have not fared well over recent years. A friend recently informed Daniel that one of his stocks has a special designation, which allows him to treat a loss up to $64,000 on this stock as an ordinary loss rather than the typical capital loss. Daniel figures that he has a loss of $76,800 on each stock. If Daniel's marginal tax rate is 35 percent and he has $153,600 of other capital gains (taxed at 15 percent), what is the tax savings from the special tax treatment? LassenstiSamuel Jenkins made two investments; the first was 13 months ago and the second was two months ago. He just sold both investments and has a capital gain of $5,000 on each. If Samuel is single and has taxable income of $40,000, what will be the amount of capital gains tax on each investment? See Capital Gains table and Taxable income rate table. Investment 1 (held 13 months) Investment 2 (held 2 months) Capital Gains Tax