T11F-Chp-03-5-Capital Gains Worksheet-Cases (1)

T11F-Chp-03-5-Capital Gains Worksheet-Cases (1) - .

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: . 2409f89bfb99f5be85e0b68f953ba67ba9f4dc84.xls Page 1 of 2 To: Tax Class Members Date: August 30, 2011 Subject: Problem: Prob-Capital Gains - Cases Code Description Part I. Corporate Executive's Tax Return for 2011 Total 61 Betty is single and earns an annual salary of $133,700 170 She has itemized deductions of $10,000 for Charitable Contributions (10,000) 163(h) She has itemized deductions of $20,000 for Mortgage Interest (20,000) 151 Exemption (3,700) Taxable Income each year, before items below. $100,000 Part I. Sales of Capital Assets in 2011 Date Date Total Total Short-term Short-Term Long-term Long-term Asset Acq. Sold Cost Sell. Price Cap. Gain Cap. Loss Cap. Gain Cap. Loss ABC Stk 2011 2011 $10,000 $25,000 DEF Stk 2011 2011 $10,000 $7,000 GHI Stk 2003 2011 $10,000 $17,000 KLM Stk 2003 2011 $10,000 $1,000 Net Short-Term Capital Gain or (Loss) Net Long-Term Capital Gain or (Loss) Net Capital Gain or (Loss) Requirement 1. Compute the Amount of Federal Income Tax Before Credits for Betty for 2011. 1....
View Full Document

Page1 / 2

T11F-Chp-03-5-Capital Gains Worksheet-Cases (1) - .

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online