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1. Liz and Doug were divorced on July 1 of the current year after 10 years of marriage. Their current year's income received before
1. Liz and Doug were divorced on July 1 of the current year after 10 years of marriage. Their current year's income received before the divorce as follows: Doug's salary Liz's salary Rent on apartment purchased by Liz 15 years ago Dividends on stock Doug inherited from his mother 4 years ago Interest on a saving account in Liz's name funded with her salary $41000 55000 8000 1900 2400 Allocate the income to Liz and Doug, applying the community property rules of a. California: Liz $ Doug $ b. Texas: Liz $ Doug $ 2. Cindy, single, has $62,000 taxable salary. She also trades stocks during this year. She has total capital gains of $5,000 and a capital loss of $9,000. How much capital loss can she deduct against her salary income?
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