In June of 2018, Kevin inherits stock worth $125,000. During the year, he collects $5,600 in dividends
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In June of 2018, Kevin inherits stock worth $125,000. During the year, he collects $5,600 in dividends from the stock. How much of these amounts, if any, should Kevin include in his gross income for 2018? Why? $
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SCHEDULE B OMB No. 1545-0074 Interest and Ordinary Dividends (Form 1040) 2018 Go to www.irs.gov/ScheduleB for instructions and the latest information. Attach to Form 1040. Department of the Treasury Intemal Revenue Service (99) Attachment Sequence No. 08 Your social security number Name(s) shown on return Amount 1 Part I List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this interest first. Also, show that buyer's social security number and addressI FOF e July 16, 2018 DO NOT FILE DRAT Interest (See instructions and the instructions for Form 1040, line 2b.) Note: If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm's name as the payer and enter the total interest shown on that form. 2 Add the amounts on line 1 3 Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815. . . Subtract line 3 from line 2. Enter the result here and on Form 1040, line 2b 3 4 Note: If line 4 is over $1,500, you must complete Part III. Amount 2.
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Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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