Question
1. Samson and Delilah file a joint income tax return for 2020. They have two dependent children, students, ages 19 and 20. Samson earns wages
1. Samson and Delilah file a joint income tax return for 2020. They have two dependent children, students, ages 19 and 20. Samson earns wages of $150,000 and they have corporate bonds interest income of $15,000 and a state income tax refund of $9,000.
Their expenses for the year include:
Real estate taxes $12,000
State taxes withheld 3,500
Cash contributions 3,000
What is their alternative minimum taxable income?
Seleccione una:
a.
$174,000
b.
$153,500
c.
$162,000
d.
$147,000
e.
None of the above.
2. Mara Teresa and Danilo are brother and sister. Mara Teresa sold stock to Danilo for $5,000, its fair market value. Mara Teresa had bought the stock 5 years ago for a cost of $7,000. What is Mara Teresas recognized loss before the $3,000 capital loss limitation?
Seleccione una:
a.
$7,000
b.
$3,000
c.
$2,000
d.
$0
e.
$5,000
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