Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Experience the ease of finding accurate answers to your questions from a knowledgeable community of professionals. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
Sagot :
Answer:
Question: In 2021, Tom And Amanda Jackson (Married Filing Jointly) Have $200,000 Of Taxable Income Before Considering The Following Events: (Use The Dividends And Capital Gains Tax Rates And Tax Rate Schedules.) On May 12, 2021, They Sold A Painting (Art) For $110,000 That Was Inherited From Grandma On July 23, 2019. The Fair Market Value On The Date Of Grandma’s
This problem has been solved!
See the answer
In 2021, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.)
On May 12, 2021, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2019. The fair market value on the date of Grandma’s death was $90,000 and Grandma’s adjusted basis of the painting was $25,000.
They applied a long-term capital loss carryover from 2020 of $10,000.
They recognized a $12,000 loss on the 11/1/2021 sale of bonds (acquired on 5/12/2011).
They recognized a $4,000 gain on the 12/12/2021 sale of IBM stock (acquired on 2/5/2021).
They recognized a $17,000 gain on the 10/17/2021 sale of rental property (the only §1231 transaction), of which $8,000 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,000 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2015).
They recognized a $12,000 loss on the 12/20/2021 sale of bonds (acquired on 1/18/2021).
They recognized a $7,000 gain on the 6/27/2021 sale of BH stock (acquired on 7/30/2012).
They recognized an $11,000 loss on the 6/13/2021 sale of QuikCo stock (acquired on 3/20/2014).
They received $500 of qualified dividends on 7/15/2021.
We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. We appreciate your time. Please come back anytime for the latest information and answers to your questions. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.
