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Q: On December 28, 2020, Kramer sells 150 shares of Lavender, Inc. stock for $77,000. On January 10,…
A: Please see the next step for the solution
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: Date Purchased Shares Basis 7/10/2012 420 $ 13,440 4/20/2013 320 12,096 1/29/2014 520 13,312 11/02/2016 270 8,424 If Dahlia sells 860 shares of Microsoft for $44,720 on December 20, 2022, what is her
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- On December 28, 2020, Kramer sells 150 shares of Lavender, Inc. stock for $77,000. On January 10, 2021, he purchases 100 shares of the same stock for $82,000. a. Assuming that Kramer's adjusted basis for the stock sold is $65,000, what is his recognized gain or loss? Kramer's recognized _______ is $_________. What is his basis for the new shares? His basis for the new shares is $________. b. Assuming that Kramer's adjusted basis for the stock sold is $89,000, what is his recognized gain or loss? Kramer's recognized _______ is $_________. What is his basis for the new shares? His basis for the new shares is $________. c. Advise Kramer on how he can avoid any negative tax consequences encountered in part (b). He could repurchase _________.On january 1, 2021, Byrd and Gates own equally (nfty percent (50W) of the stock of Boudreaux Corporation, an S Corporation, Boudreaux Corporation has a $60,000 Operating Loss for the year of 2021, On the 219th day of the year of 2021, Byrd sells her one-half (1/2) of the stock of Boudreaux Corporation to her daughter, Mitchell, How much of the $60,000 Operating Loss is allocated to Mitchell? (Using the Per Day Method (Pro-Rata Method). (The year 2021 is not a Leap Year). OS O $12,000. O $30,000. O $18,000.Three years ago, Matthew purchased 250 shares of stock in T Corporation for $14,000. On December 5 of year 4, Matthew sells the 250 shares for $15,500. Part - a a. What is Matthew's capital gain or loss from the sale on December 5 of year 4? Part-bb. Assuming Matthew has no other capital gains or losses, except that on October 15 of year 5, Matthew purchases 250 shares of T Corporation stock for $15, 200. How much gain or loss from the sale on December 5 of year 4 is taxable on Matthew's year 4 tax return? What basis does Matthew take in the stock purchased on October 15 of year 5? ***This question already posted and got correct answer. Don't answer this question
- Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda's basis in her stock is $21,000. On May 26, 2019, Bill sells his stock, with a basis of $40,000, to Loraine for $50,000. For the 2019 tax year, Radiata Corporation has a loss of $104,000. Round your final answers to the nearest dollar. Use a 365-day year in your computations. a. Calculate the amount of the corporation's loss that may be deducted by Bill on his 2019 tax return.$ b. Calculate the amount of the corporation's loss that may be deducted by Guilda on her 2019 tax return.$ c. Calculate the amount of the corporation's loss that may be deducted by Loraine on her 2019 tax return.Cory recently sold his qualified small business stock for $87,000 after holding it for 10 years. His basis in the stock is $43,000. Applying the rules as if the stock were acquired in 2022 and assuming his marginal tax rate is 32 percent, how much tax will he owe on the sale?Aaron, an individual taxpayer in the 28% tax bracket, acquired stock in AB Corporation 5 years ago for $2,000. AB Corp. redeemed all Aaron's shares for $3,000 in 2016. (a) What is Aaron's tax liability from this transaction if it qualifies for a sale or exchange treatment? (b) What is Aaron's tax liability from this transaction if it qualifies for a dividend treatment?
- Chaz recently received 2,190 shares of restricted stock from his employer, Fahrner Corporation, when the share price was $11 per share. Char's restricted shares vested three years later when the market price was $15. Chaz held the shares for a little more than a year and sold them when the market price was $13. What is the amount of Chaz's gain or loss on the sale? Multiple Choice $2190 loss so $4.380 gein $4.380 lossMatt inherits 125 shares of Chess Corporation stock from his father. The stock cost his father $7,000 and had a $11,000 FMV on the date of his father's death in 2018. The alternate valuation date was not elected. If Matt sells the Chess Corporation stock for $12,400, what would be his taxable gain on the sale? (Taxable gain = Proceeds of sale - Tax basis of stock sold) Matt's taxable gain on the sale of Chess stock isLarry recently invested $29,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is also $29,500. In addition, Larry’s share of the limited partnership loss for the year is $2,475, his share of income from a different limited partnership is $1,190, and he has $3,950 of dividend income from the stock he owns. How much of Larry’s $2,475 loss from the limited partnership can he deduct in the current year? Deductible loss?
- On September 6, 2016, Andrew, who is married, purchased Allstar Corporation stock for $220,000 from the corporation. The Allstar Corporation’s stock qualified as Section 1244 stock. On November 20, 2019, Andrew sold the Allstar stock for $100,000. How should Andrew report his realized gain or loss on the sale of the Allstar Corporation stock? Question 2 options: a) Andrew realized a $120,000 long term capital loss. b) Andrew realized a $50,000 Section 1244 ordinary loss and a $70,000 long term capital loss. c) Andrew realized a $100,000 Section 1244 ordinary loss and a $20,000 long term capital loss. d) Andrew realized a $120,000 Section 1244 ordinary loss.On January 1, 2022, Antonio sells stock that has a $62,000 FMV on the date of the sale (basis $94,850) to his daughter Tiana. On October 21, 2022, Tiana sells the stock to an unrelated party. In each of the following, determine the tax consequences of these transactions to Antonio and Tiana: Required: a. Tiana sells the stock for $48,500. b. Tiana sells the stock for $100,100. c. Tiana sells the stock for $79,150. Note: For all requirements, if no gain or loss is recognized, select "No gain or loss". a. Realized a. Recognized b. Realized b. Recognized c. Realized c. Recognized Amount Antonio Gain or Loss Amount Tiana Gain or Loss No gain or loss Gain Loss No gain or lossNEED HELP ON PART B, PLEASE. Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: Date Purchased Shares Basis 7/10/2011 620 $ 32,240 4/20/2012 520 30,056 1/29/2013 720 32,832 11/02/2015 470 24,064 If Dahlia sells 1,460 shares of Microsoft for $105,120 on December 20, 2021, what is her capital gain or loss in each of the following assumptions? (Do not round intermediate calculations.) a.)She uses the FIFO method. (answered) Capital gain =28,232 b. She uses the specific identification method and she wants to minimize her current-year capital gain. Capital gain =
