Question
1) Yehya, age 47 and divorced, is the sole support of his mother, age 67, who resided in a local nursing home for the entire
1) Yehya, age 47 and divorced, is the sole support of his mother, age 67, who resided in a local nursing home for the entire year. Yehyas mother had no income for the year. Yehyas filing status is:
A. | Single. | |
B. | Married filing separately. | |
C. | Head of household. | |
D. | Married filing Joint return. | |
E. | Surviving spouse. |
2) Noura purchased the following stocks in 2017:
1) 200 shares of ABC for $2,000
2) 500 shares of Dell for $7,700.
Noura received 200 shares as stock dividends from Dell. Immediately after that, she sold 300 shares for $6,000.
Amount of gain/loss to be included in Nouras tax return for 2019 is:
A. | $2,700 gain. | |
B. | $1,380 loss. | |
C. | $1,380 gain. | |
D. | $2,700 loss. | |
E. | $0. |
3) Fahad sold 200 shares of Amazon stock for $4,200 and 600 shares of Telsa stock for $17,800. He purchased the Amazon stock two years ago for $2,400 and the Telsa stock two years ago for $6,200. What is the net effect of these sales on Fahads income?
A. | 1 $1,800 net gain.
| |
B. | some other amount. | |
C. | $13,400 net gain. | |
D. | $11,600 net gain. | |
E. | $9,800 net loss. |
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