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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....
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- Spring '08