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eform_B_PSA2_A

# eform_B_PSA2_A - e-file Form | Due Date Time Team...

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e-file Form | Due Date & Time PSA2 Monday, September 27, 2010 @ 8 AM Team Members 1. Ju, Zi (Last Name, First Name) 2. 3. Team Number 36 4. 5. Section (A, B, C): C (A = TR @ 2 pm, B = TR @ 4 pm, C= MW @ 8 am) Team Score | Comments of 25 Chapter 4 – DQ #23 (p. 4-42): Student score = of 4 possible Calculate Betty’s deductible loss (allowed loss). Show your calculations. Amount 1/2 pt Cost of the policy 72,000 1/2 pt Annual payment 6,000 1/2 pt X Expected number of payments 20 1/2 pt = Total expected return 120,000 1/2 pt Exclusion ratio percentage 72,000/120,000 0.6 1/2 pt Total payments received 12*6,000 72,000 1/2 pt Less: Basis recovery 72,000 1/2 pt Unrecovered cost = loss allowed 0 Chapter 4 – DQ #25 (p. 4-42): Student score = of 6 possible What are the tax consequences of selling the stock? Show your calculations. Amount ½ pt 0.5 X Social Security benefits 7,000 ½ pt MAGI 24,000 ½ pt Plus: 0.5 X Social Security benefits 7,000 ½ pt Less: Base amount 25,000 ½ pt Amount that MAGI and 1/2 of SS benefits exceed base 6,000 ½ pt 50% of the amount MAGI and 1/2 of SS benefits exceed base 3,000

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eform_B_PSA2_A - e-file Form | Due Date Time Team...

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