BMGT323 - chapter 11 HW - 5

During the c urrent y ear ron and anne s old the

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Unformatted text preview: s es . During the c urrent y ear, Ron and Anne s old the following as s ets : (Us e the tax rate s c hedules .) Capital As s et L s toc k Mark et Value Tax Bas is $ 50,000 $ 41,000 ezto.mhecloud.mcg r aw- hill.com/hm_accounting .tpx?todo= pr intviewSing le Holding Period > 1 y ear 1/4 11/13/13 L s toc k M s toc k N s toc k O s toc k Antiques Rental home $ 50,000 $ 28,000 30,000 26,000 7,000 300,000* Assig nment Pr int View 41,000 39,000 22,000 33,000 4,000 90,000 > > < < > > 1 y ear 1 y ear 1 y ear 1 y ear 1 y ear 1 y ear *$30,000 of the gain is 25 perc ent gain (from ac c umulated deprec iation on the property ). Ignore the Net Inves tment Inc ome Tax . a . Given that Ron and Anne have tax able inc ome of only $20,000 (all ordinary ) before c ons idering the tax effec t of their as s et s ales , what is their gros s tax liability for 2013 as s uming they file a...
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