Helena has the following long-term capital gains and losses for 2020: $62,000 28% gain, $49,600 28% loss, $27,900 25% gain, and $24,800 0%/15%/20% loss. She also has a $31,000 short-term loss and a $55,800 short-term gain. She has no other income. a. What is Helena's AGI from these transactions? b. If she has a net long-term capital gain, what is its makeup in terms of the alternative tax rates? , all of which is Helena has a net LTCG of $ gain and $ net STCG.

Helena has the following long-term capital gains and losses for 2020: $62,000 28% gain, $49,600 28% loss, $27,900 25% gain, and $24,800 0%/15%/20% loss. She also has a $31,000 short-term loss and a $55,800 short-term gain. She has no other income. a. What is Helena's AGI from these transactions? b. If she has a net long-term capital gain, what is its makeup in terms of the alternative tax rates? , all of which is Helena has a net LTCG of $ gain and $ net STCG.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During the financial year 2020/2021, Jessy made a capital gain of $33,000 on the sale of her shares in a companyand a $5,000 capital gain on the sale of her units in a trust. Assume either of these gains is a discount capital gain or eligible for the small business concessions. She also made a 'capital losses of $5,000 on the sale of her apartment, and she has a 'net capital loss' carried forward from the previous year of $6,500. A) What is Jessy's net capital gain for 2020/2021? Show working. B) How much should be included in her assessable income under s102-5.
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In 2020, Mackenzie had employment income of $40,000, property income of $3,000, a business loss of $22,000, an allowable business investment loss of $5,000, income from an RRSP withdrawal of $2,000, and a capital loss of $40,000 on the sale of shares in a public corporation. Mackenzie hopes that the losses will result in a net income for tax purposes of $O. Required: A) Determine Mackenzie's net income for tax purposes in accordance with Section 3 of the Income Tax Act. B) Based on your answer in Part A, explain to Mackenzie why there will or will not be a tax liability this year, assuming that the taxable income will be equal to the net income for tax purposes. C) How would your answer change in Part A if Mackenzie realized a taxable capital gain of $30,000 in 2020?
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lois bought a house in july 2009 for $200000 and moved in immediately. in july 2012, she rented it out as she was sent overseas ny her employer. at that time, the house was valued at $350000. she sold it in july of the current tax year for $360000. Calculate Bunny’s net capital gain/(loss) for the current tax year, indicating where appropriate which element of the cost base is applicable for each outlay. Support your answer with income tax legislation where necessary
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