Week1_Bancroft

Week1_Bancroft - 20 $24,600 22 Gross income: Private...

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56 d 58 a 69 Standard deduction: 63 Trade or Business Expenses: 162 Losses: 165 Medical Deductions: 213 Moving Expenses: 217
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48 2010 Married filing jointly, 3 exemptions 2011 Surviving spouse, 2 exemptions 2012 Surviving spouse, 2 exemptions 2013 Head of household, 2 exemptions 50 C is the only one where a return is required 53 a $11,231.25 b $15,254.75 c $15,050.00 d $13,716.25 55 b
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21 Leah must report al $45,000. 23 $1,100 (500+600) 31 $21,000 (18000+3000) 41 a Long term capital gain of $22,000 (47-25*1000). $17,000 of this is from exercising. This becomes adjustment for AMT in the year of the exercise. b Faraway has no deductions c Since the stock wasn't held for more than 1 year, the $17,000is an AMT adjustment and considered ordinary income when sold in year 3. The other $5000 is a short term capital gain. Faraway wil receive deduction on the portion that is ordinary income, $17,000.
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Unformatted text preview: 20 $24,600 22 Gross income: Private pensions $18,000 One-half Social Security 6,000 Interest on bank deposits 2,000 Dividends 1,500 Interest (nontaxable) 700 Modified adjusted gross income plus ½ Social Security benefits $28,200 $28,200 is less than $32,000 amount allowed married filing a joint return; none of the Soc Sec benefits are taxable. Taxable income: Private pensions $18,000 Interest on bank deposits 2,000 Dividends 1,500 $21,500 Less: Standard deduction $11,400 Over 65 deduction 2,200 13,600 $7,900 Less: Personal exemptions (2 × $3,650) 7,300 Taxable income $600 41 $30,000 47 b...
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This note was uploaded on 10/24/2011 for the course ACC 432A taught by Professor Forrestyoung during the Fall '11 term at National.

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Week1_Bancroft - 20 $24,600 22 Gross income: Private...

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