eform_B_PSA2_A_Amanda - e-file Form | Due Date Time Team...

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e-file Form PSA2 Monday, September 27, 2010 @ 8 AM Team Members 1. (Last Name, First Name) 2. Amanda 3. Team Number 4. 5. Section (A, B, 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 72000 1/2 pt Annual payment 6000 1/2 pt X Expected number of payments 20 1/2 pt = Total expected return 120000 1/2 pt Exclusion ratio percentage 60% 1/2 pt Total payments received 12 1/2 pt Less: Basis recovery 43200 1/2 pt Unrecovered cost = loss allowed 28800 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 7000 ½ pt MAGI 16000+8000 24000 ½ pt Plus: 0.5 X Social Security benefits 7000 ½ pt Less: Base amount 25000 ½ pt Amount that MAGI and 1/2 of SS benefits exceed base
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eform_B_PSA2_A_Amanda - e-file Form | Due Date Time Team...

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