Question Details
In 2014, Tom and Amanda Jackson (married filing jointly) have
$200,000 of taxable income before considering the following
events:
|
| a) |
On May 12, 2014, they sold a painting (art) for $110,000 that
was inherited from Grandma on July 23, 2012. The fair market value
on the date of GrandmaAc??cs death was $90,000 and GrandmaAc??cs adjusted
basis of the painting was $25,000.
|
| b) | Applied a long-term capital loss
carryover from 2013 of $10,000. |
| c) | Recognized a $12,000 loss on
11/1/14 sale of bonds (acquired on 5/12/04). |
| d) | Recognized a $4,000 gain on
12/12/14 sale of IBM stock (acquired on 2/5/14). |
| e) |
Recognized a $17,000 gain on the 10/17/14 sale of rental
property (the only A?§1231 transaction) of which $8,000 is reportable
as gain subject to the 25 percent maximum rate and the remaining
$9,000 is subject to the 15 percent maximum rate (the property was
acquired on 8/2/08).
|
| f) | Recognized a $12,000 loss on
12/20/14 sale of bonds (acquired on 1/18/14). |
| g) | Recognized a $7,000 gain on
6/27/14 sale of BH stock (acquired on 7/30/05). |
| h) | Recognized an $11,000 loss on
6/13/14 sale of QuikCo stock (acquired on 3/20/07). |
| i) | Received $500 of qualified
dividends on 7/15/14. |
Calculate the JacksonsAc??c 2014 tax liability. (Do not
round intermediate calculations.)
|
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DATE ANSWEREDDec 08, 2020
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