Donna files as a head of household in 2017 and has taxable income of $90,000, including the
Question:
Donna files as a head of household in 2017 and has taxable income of $90,000, including the sale of a stock held as an investment for two years at a gain of $20,000. Only one asset was sold during the year and Donna does not have any capital loss carryovers.
a. What is the amount of Donna’s tax liability?
b. What is the amount of Donna’s tax liability if the stock is held for 11 months?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
a 14753 Tax on ...View the full answer
Answered By
Mehwish Aziz
What I have learnt in my 8 years experience of tutoring is that you really need to have a friendly relationship with your students so they can come to you with their queries without any hesitation. I am quite hardworking and I have strong work ethics. Since I had never been one of those who always top in the class and always get A* no matter what, I can understand the fear of failure and can relate with my students at so many levels. I had always been one of those who had to work really hard to get decent grades. I am forever grateful to some of the amazing teachers that I have had who made learning one, and owing to whom I was able to get some extraordinary grades and get into one of the most prestigious universities of the country. Inspired by those same teachers, I am to be like one of them - who never gives up on her students and always believe in them!
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Question Posted:
Students also viewed these Business questions
-
Jaclyn Biggs, who files as a head of household, never paid AMT before 2015. In 2015, her $197,900 taxable income included $178,000 ordinary income and a $19,900 capital gain taxed at 15 percent. Her...
-
Brooklyn files as a head of household for 2014 and claims a total of three exemptions (3 3,950 = $11,850). She claimed the standard deduction of $9,100 for regular tax purposes. Her regular taxable...
-
Brooklyn files as a head of household for 2016 and claims a total of three exemptions (3 4,050 = $12,150). She claimed the standard deduction of $9,300 for regular tax purposes. Her regular taxable...
-
Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method. May 1 9 Sold merchandise for $600, with...
-
Determine the 1-y energy content of the signal vo (t) in Problem 14.38 in the frequency range from 0 to 1 rad/s.
-
If Marks 8c Spencer has a 1 for 1 scrip issue when its share price is 550p what would you expect to happen to its share price in theory (no other influences) and in practice?
-
Many people have difficulty saving money for a variety of reasons. Research some typical roadblocks to saving money. Write About It Write a paragraph explaining at least three reasons and how you...
-
Finley Corporation had income from continuing operations of $10,600,000 in 2012. During 2012, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division...
-
please solve it asap. A single-phase RL series load is connected between phase A and neutral of a grounded three-phase synchronous generator through an impedance ZG = j0.09 pu, leaving the other two...
-
Swifty Technologies holds a valuable patent (No. 782) for Dance-o-matic, an electronic system that provides individualized, interactive dance instruction that also provides real-time feedback. Swifty...
-
Trisha, whose tax rate is 35%, sells the following capital assets in 2017 with gains and losses as shown: a. Determine Trishas increase in tax liability as a result of the three sales. All assets are...
-
Wayne is single and has no dependents. Without considering his $11,000 adjusted net capital gain (ANCG), his taxable income, which includes no investment income, in 2017 is as follows: a. What is...
-
A Nintendo Wii Console has a list price of $289 and a trade discount series of 8/8. Find the net price and trade discount.
-
The Alberta based Blue Banff Technologies (BBT) is a very large solar power player and sells solutions to large end consumers who are looking to diversify their energy supply. BBT has a strong R&D...
-
A partnership begins its first year of operations with the following capital balances: Allegan, Capital Berrien, Capital $ 110,000 80,000 110,000 Kent, Capital According to the articles of...
-
1. Identify basic views of managerial leadership in international business. 2. Elaborate or discuss the nature of managerial decision making in international business. 3. Describe group dynamics and...
-
Define Geographic Information Systems (GIS) mapping technology, why and how it can be used namely to select an appropriate site for a business. elaborate with examples that you might meet while...
-
Golden Food Products produces special - formula pet food. The company carries no inventories. The master budget calls for the company to manufacture and sell 1 3 0 , 0 0 0 cases at a budgeted price...
-
How many microliters of 1.000 M NaOH solution must be added to 25.00 mL of a 0.1000 M solution of lactic acid [CH 3 CH(OH)COOH or HC 3 H 5 O 3 ] to produce a buffer with pH = 3.75?
-
Refrigerant R-12 at 30C, 0.75 MPa enters a steady flow device and exits at 30C, 100 kPa. Assume the process is isothermal and reversible. Find the change in availability of the refrigerant.
-
On his individual return, Al reports salary and exemptions for himself and seven dependents. His itemized deductions consist of mortgage interest, real estate taxes, and a large loss from breeding...
-
Bob, a calendar year taxpayer, files his current year individual return on July 17 of the following year without having requested an extension. His return indicates an amount due of $5,100. Bob pays...
-
Carls tax liability for last year was $19,000, and his AGI did not exceed $150,000. Carl requests an automatic extension for filing his current year individual return but does not pay any additional...
-
TRUE OR FALSE: "Built" costumes are created in a costume shop, where "pulled" costumes are previously existing outfits selected by a costume designer Group of answer choices True False
-
Accounting allows businesses to communicate information about a company's financial performance to the following groups of users: Question 15Answer a. internal users, external users, and the...
-
Because the Medical Unit may perform some of the same tasks, close coordination between the Medical Unit and the Compensation/Claims Unit is essential. The Compensation/Claims Unit maintains logs on...
Study smarter with the SolutionInn App