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7Q35 - Q35 pp.7-31 Mable and Jack file a joint return...

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Q35, pp.7-31 Mable and Jack file a joint return. Salaries $180K Loss on sale of section 1244 stock acquired two years ago 105k Gain on sale of section 1244 stock acquired 6 months ago 20K Non-business bad debt 19K AGI?
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Q35, pp.7-30 Salary $180,000 § 1244 ordinary loss (limit of $100,000) (100,000) Short-term capital gain on § 1244 stock $20,000 Short-term capital loss (nonbusiness bad debt) (19,000) Net short-term capital gain 1,000 Net long-term capital loss (remaining § 1244 loss) (5,000) Net capital loss (limit) (3,000) Adjusted gross income $ 77,000
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Q.37, pp.7-31, Jacob’s theft losses deduction? Asset Adj. basis FMV before FMV after Insurance Recovery Business computer 15000 10000 0 3000 Bearer bonds 30000 32000 0 0 Silverware 7000 10000 0 2000 cash 8000 8000 0 0
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Q.37, pp.7-30 37. Business computer ($15,000 – $3,000)* $12,000 Bearer bonds 30,000 Personal use property Silver ware ($7,000 – $2,000) $ 5,000 Cash 8,000 Total $13,000 Less: $100 floor (500) 10% AGI [10% x ($50,000 – $12,000)] (3,800) 8,700 Total deduction $50,700 *A deduction for AGI. bearer bond is a debt security issued by a business entity. Whoever physically holds the paper on which the bond is issued owns the instrument. This is useful
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