Question
33. (LO5) A taxpayer sells an asset for $24,340. Her federal adjusted basis in the asset is $16,780 and her California adjusted basis is $19,120.
33. (LO5) A taxpayer sells an asset for $24,340. Her federal adjusted basis in the asset is $16,780 and her California adjusted basis is $19,120. What is the adjustment amount in computing California AGI? If the adjustment is negative, show the amount in parentheses.
34. (LO10) The Long family has a gross household income of $125,000. The household includes 2 parents and 2 young children. Unfortunately, the family was not covered by medical insurance during 2022. Compute the California penalty.
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
