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(Solution Download) In 2014, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before cons


 

 

 

 

 

 

 

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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