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MGT134HWPROBLEM4(1)

MGT134HWPROBLEM4(1) - LT CAPITAL GAIN 5,000 RENTAL INCOME...

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MGT 134: Federal Individual Income Taxation Undergrad, Fall 2011 HW PROBLEM # 4 2010 TAX DATA FOR JOHN & JANE UCSD MARRIED SINCE 2007. THREE CHILDREN, LITTLE JJ BORN 2006, SALLY BORN 2008 AND SAM BORN 2009 , WAGES FED W/H STATE W/H SDI JOHN 65,000 (A) 4,100 2,050 715 JANE 68,000 4,900 2,400 748 INT INCOME 250 DIVIDEND INCOME 1,400 (QUALIFIED = 1,200) CAPITAL GAIN DIST 400 2008 STATE REFUND 175 (ITEMIZED IN 2008) ST CAPITAL LOSS (500) (DOES NOT INCLUDE OPTIONS)
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Unformatted text preview: LT CAPITAL GAIN 5,000 RENTAL INCOME 12,300 RENTAL INTEREST 13,800 RENTAL P-TAX 2,100 RENTAL DEPR 8,300 MEDICAL 5,100 MORTGAGE INT 13,300 PROPERTY TAX 2,200 VLF 350 CHARITABLES 2,600 MISC EMPLOYEE EXP 3,400 (A) JOHN EXERCISED & SOLD 500 UNITS OF NON-QUALIFIED STOCK OPTIONS IN A SAME-DAY SALE. STRIKE PRICE = $5/SHARE, SALES PRICE = $22/SHARE. FORM W-2 BOX 12V = $8,500. SALES COMMISSIONS = $150....
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