Tax 610 chapter 12 Homework - P 30 Which of following is a capital asset a Gold ring received as a gift(For personal use b Personal automobile g Home in

# Tax 610 chapter 12 Homework - P 30 Which of following is a...

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P. 30 Which of following is a capital asset? a. Gold ring received as a gift (For personal use) b. Personal automobile g. Home in Florida used for only four months during the winter (For personal use) P. 35 Susan sold stocks for \$1,500 with basis \$3,000 and FMV of \$2,400 at the date her father gave stocks to her as a gift Sales<FMV<Basis Her loss is \$900 (\$2,400 - \$1,500) P.37 Ed’s capital gains and losses a. STCG \$1,500 STCL (\$2,250) LTCG \$5,500 LTCL (\$2,500) Result LTCG \$2,250 tax at 15/20% b. STCG \$6,000 STCL (\$4,500) LTCG \$0 LTCL (\$750) Result gain \$750, maximum tax at rate 39.60 % c. LTCL (\$4,000) LTCG \$8,500 STCL (\$2,250) STCG \$3,000 LTCG \$4,500 tax at 15/20% and STCG \$750 tax at Ed’s tax bracket d. LTCG \$750 LTCL (\$2,250) STCG \$900 STCL (\$800) LTCL (\$1,500) and STCG \$100 result loss deductible \$1400 on Ed’s 2014 tax return e. LTCG \$3,500 LTCL (\$3,000) STCG \$2,000 STCL (\$6,500) LTCG \$500 and STCL (\$4,500) result STCL (\$4,000) but only \$3,000 can be deducted on Ed’s 2014 tax return and \$1,000 loss will be carried to 2015 tax return f. LTCL (\$4,250) LTCG \$250 STCL (\$2,500) STCG \$500
LTCL (\$4,000) and STCL (\$2,000). \$3000 loss is deductible on 2014 tax return and another \$3,000 carryover to next year tax return. P. 38 Ted Thomas a. \$12,000 b. 15/20 percent c. 15 percent P. 39 Gordon Grumps \$3,000 loss deduction for 2014 and long term loss carryover of \$5,700 to next year place in 28% basket P. 40 Bert Baker Bert deduct STCL (\$3,000) on his 2014 tax return, and carryover STCL (\$2,000) and LTCL (\$2,000) to 2015 P. 41 Cannon would have STCL (\$25,000). STCL (\$3,000) is deductible on 2014 tax return and STCL (\$22,000) carryover to next year. P. 46 Kirk Kelley a. Kirk has ordinary loss (\$40,000) deductible and (\$3,000) capital loss deductible loss on his 2014 tax return, and LTCL (\$11,500) carryover to next year tax return b. Gross Income \$700,000 Ordinary Loss (\$40,000) Capital Loss (\$3,000) AGI \$657,000 P. 49 Andrew Graham \$400 is less than \$5,550 , there is no casualty or theft itemized deduction allowable for that item. Add Section 1231 gain and loss and Net LTCG and STCL result an ordinary income \$750 ( \$500 - \$700 + \$3,000 - \$2,000) Andrew AGI now is 40,750 P. 50 Barbara Bliss Initial adjusted gross income \$30,000 Add short-term business casualty gain \$100 Add long-term business casualty gain (considered as Section 1231) Section 1232 gains and losses, and LTCL and STCL (\$3,000) (\$800 loss carryover to next year) Adjust gross income \$26,900