Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Working Conditions And Factory Auditing In The Chinese Toy Industry

Authors: Congressional-Executive Commission On China

1st Edition

1508726515, 978-1508726517

More Books

Students also viewed these Accounting questions

Question

6. What are the newest developments in human relations?

Answered: 1 week ago