Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 17, Problem 53P
To determine
State the Person A’s AGI from these events.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Helena has the following long-term capital gains and losses for 2019: $94,000 28% gain, $75,200 28% loss, $42,300 25% gain, and $37,600 0%/15%/20% loss. She also has a $47,000 short-term loss and a $84,600 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?Helena has a net LTCG of ___________, all of which is 25% gain 37600 net STCG.
Jacob purchased business equipment for $144,900 in 2018 and has taken $86,940 of regular MACRS
depreciation. Jacob sells the equipment in 2021 for $65,205.
What is the amount and character of Jacob's gain or loss?
If an amount is zero, enter "0".
Jacob has § 1245 gain of $fill in the blank 1 and § 1231 gain of Sfill in the blank 2.
erry has given you the following information on his capital gains and losses for the current income year (2020), for the preparation of his tax return. There are no other capital losses.
Asset
Sale date
Purchase date
Gain/(loss)
Investment property
20/5/2020
21/3/84
$200,000
Shares
06/02/2020
02/8/2019
$20,000
Antique coins
31/01/2020
12/11/2019
($2,000)
What is Jerry’s net capital gain?
Select one:$10,000None of these$18,000$20,000$220,000
Chapter 17 Solutions
Individual Income Taxes
Ch. 17 - Prob. 1DQCh. 17 - Prob. 2DQCh. 17 - Prob. 3DQCh. 17 - Prob. 4DQCh. 17 - Prob. 5DQCh. 17 - Prob. 6DQCh. 17 - Prob. 7DQCh. 17 - A depreciable business dump truck has been owned...Ch. 17 - Prob. 9DQCh. 17 - Prob. 10DQ
Ch. 17 - Prob. 11DQCh. 17 - Prob. 12DQCh. 17 - Prob. 13DQCh. 17 - Prob. 14DQCh. 17 - Prob. 15DQCh. 17 - Prob. 16DQCh. 17 - Prob. 17DQCh. 17 - Prob. 18DQCh. 17 - Prob. 19DQCh. 17 - Prob. 20DQCh. 17 - Prob. 21CECh. 17 - Prob. 22CECh. 17 - LO.3 Renata Corporation purchased equipment in...Ch. 17 - LO.3 Jacob purchased business equipment for 56,000...Ch. 17 - Sissie owns two items of business equipment. Both...Ch. 17 - Prob. 26CECh. 17 - Prob. 27CECh. 17 - LO.4 Enzo is a single taxpayer with the following...Ch. 17 - Prob. 29CECh. 17 - Prob. 30CECh. 17 - LO.1, 2 Jenny purchased timber on a 100-acre tract...Ch. 17 - Prob. 32PCh. 17 - LO.2 A sculpture that Korliss Kane held for...Ch. 17 - Prob. 34PCh. 17 - Prob. 35PCh. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - Prob. 39PCh. 17 - Prob. 40PCh. 17 - Prob. 41PCh. 17 - Prob. 43PCh. 17 - Joanne is in the 24% tax bracket and owns...Ch. 17 - Prob. 45PCh. 17 - Prob. 46PCh. 17 - Prob. 47PCh. 17 - Prob. 48PCh. 17 - Prob. 49PCh. 17 - Jasmine owned rental real estate that she sold to...Ch. 17 - Prob. 51PCh. 17 - Prob. 52PCh. 17 - Prob. 53PCh. 17 - Prob. 54PCh. 17 - Jay sold three items of business equipment for a...Ch. 17 - Prob. 1RPCh. 17 - Prob. 2RPCh. 17 - Prob. 3RPCh. 17 - Prob. 4RPCh. 17 - Prob. 1CPACh. 17 - Prob. 2CPACh. 17 - Jerry uses a building for business purposes. The...Ch. 17 - Prob. 4CPACh. 17 - Prob. 5CPACh. 17 - Prob. 6CPACh. 17 - Wally, Inc., sold the following three personal...Ch. 17 - Net Section 1231 losses are: a. Deducted as a...Ch. 17 - Prob. 9CPACh. 17 - Prob. 10CPA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Jacob purchased business equipment for $144,900 in 2018 and has taken $86,940 of regular MACRS depreciation. Jacob sells the equipment in 2021 for $65,205. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "0". Jacob has § 1245 gain of $fill in the blank 1 and § 1231 gain of $fill in the blank 2.arrow_forwardKate has the following capital gains and losses for 2018: Short-Term Capital Gain $8,000 Short-Term Capital Loss(4,000) 25% Gain55,000 28% Gain48,000 28% loss (60,000) Long-Term Capital Gain 11,000 Long-Term Capital Loss(74,700) After engaging in the appropriate capital gains netting, what is the amount and character of Kate’s net Gain (Loss)?arrow_forwardIn 2022, Wilbur had the following transactions: Alimony paid (settled in 2017) Commissions earned as a salesperson Capital loss on stock investment Gifts received from mother Wilbur's AGI for 2022 is: 1. $43,400 2. $45,400 3. $49,400 4. $51,400 5. None of the above $3,600 $54,000 $1,000 $6,000arrow_forward
- In 2023, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0." Question Content Area a. Calculate the amount of Michael's deduction for capital losses for 2023.fill in the blank 1 of 1$ Feedback Area Feedback If a taxpayer has a net capital gain (net long-term capital gain in excess of net short-term capital loss), the gain is subject to a preferential tax rate. Thus, a taxpayer has to net all of the long-term and short-term capital transactions that take place during a year to calculate the tax liability. The computation of an individual taxpayer's net capital loss is accomplished in a manner similar to the computation of a net capital gain. A net capital loss is incurred when the total capital losses for the period exceed the total capital gains for the period. However, there is a limitation regarding the amount of net capital losses a…arrow_forwardKate has the following capital gains and losses for 2018:Short-Term Capital Gain $8,000Short-Term Capital Loss(4,000)25% Gain55,00028% Gain48,00028% loss (60,000)Long-Term Capital Gain 11,000Long-Term Capital Loss(74,700)After engaging in the appropriate capital gains netting, what is the amount and character of Kate’s net Gain (Loss)?arrow_forwardIn 2019, Mr. Jupiter, a nonresident citizen and with one dependent child, had anet capital loss of P100,000, and Net Loss form Operation of his business of10,000. In September 2020, he gained P200,000 from the sale of his personalcar. How much is the net capital gain to be included in 2020? a. 25,000.b. 100,000.c. 125,000.d. 200,000.e. 0.arrow_forward
- Jacob purchased business equipment for $150,300 in 2019 and has taken $90,180 of regular MACRS depreciation. Jacob sells the equipment in 2022 for $67,635. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "0". Jacob has § 1245 gain of $ and § 1231 gain of $arrow_forwardIn 2019, Jenny had a $12,000 net short-term capital loss and deducted $3,000 as a capital loss deduction. In 2020, Jenny has a $18,000 0%/15%/20% long-term capital gain and no other capital gain or loss transactions. Which of the statements below is correct for 2020? a.) has a $9,000 net capital loss. b.) has a $3,000 capital loss deduction. c.) has a $9,000 net capital gain. d.) has a $18,000 net capital gainarrow_forwardKA. In 2022, Rex sold an auto for $10,000 that he had bought for his personal use in 2019 at a cost of $25,000. On his 2022 return, Rex should treat the sale of this personal asset as a transaction resulting in: A. Ordinary income. B. Long-term capital gain. C. No gain or loss, as the auto was a personal use asset.arrow_forward
- At the beginning of 2016, the following information related to James Murphy: Year 2014- Taxable Income = $55000. Amount withheld = $53000 Year 2015- Taxable Income = $59000. Amount withheld = $54000 Year 2016- Taxable amount = $66000. Amount withheld = $ 60000 Is James required to make instalment payments during 2016? If the answer is yes, what amounts will he be paying and which alternative is the best. Include the due dates for the instalment.arrow_forwardOn 1 July 2000, Genevieve purchased a property in Sydney for $300,000 Her intention was to use it for income producing purposes and it was Immediately made available for rent. It remained available for rent until it was sold. She sold the property on 31 December 2019 for $600,000. Required: Based on this information, calculate the Net Capital Gain, if any, to be included in Genevieve's assessable income for year ending 30 June 2020arrow_forwardBritta incurred the following capital gains and losses in 2019: Short-term capital gain $12,000 Short term capital loss ($19,000) Long term capital gain (28%) $5,000 Long term capital gain (25%) $12,000 Long term capital gain (0%/15%/20%) $17,000 Long term capital loss (0%/15%/20%) ($20,000) What is the net gain or loss Britta must recognize in 2019? Specify the character and tax rate that applies to the gain or loss. Please show your work.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
Operating Loss Carryback and Carryforward; Author: SuperfastCPA;https://www.youtube.com/watch?v=XiYhgzSGDAk;License: Standard Youtube License