a. Michael L. (SSN 374-47-7774) and Joyce A. (SSN 642-81-9982) Sea, both age 38, file a joint tax return. They sold the following investments during the year. All sales were reported to the Seas on Form 1099-B. None showed the Seas' basis. Description 20 shares Red Corp. 50 shares Lee Corp. 60 shares Alf Corp 100 shares RST Corp. $1,000 bond, TF Co. Date Acquired 7-1-14 9-15-14 6-10-19 5-10-97 5-5-20 Adjusted Basis $1,661 5,820 850 4,600 800 Date Sold 12-6-20 11-14-20 10-15-20 8-8-20 10-15-20 Sales Price $2,311 4,320 715 2,430 900 The Seas carried over a $260 short-term capital loss and a $2,500 long-term capital loss from 2019. The Seas report taxable wages of $51,920. From this amount $1,840 was withheld for federal income taxes. The Seas's only other item of gross income during the year was $1,200 of dividend income, which does not include any qualified dividends. Prepare the Seas' 2020 tax return. Neither want $3 to go to the Presidential election campaign fund. Use the approach from Examples 10-12 to compute the Seas' tax. The Seas live at 1319 Mayfair Drive, Champaign, IL 61821. They claim one dependent, their 13-year-old son, Tad (SSN 629-43-7881). The Seas get full health care coverage through Michael's work. The Seas sign their return on April 15, 2021. a. Michael L. (SSN 374-47-7774) and Joyce A. (SSN 642-81-9982) Sea, both age 38, file a joint tax return. They sold the following investments during the year. All sales were reported to the Seas on Form 1099-B. None showed the Seas' basis. Description 20 shares Red Corp. 50 shares Lee Corp. 60 shares Alf Corp 100 shares RST Corp. $1,000 bond, TF Co. Date Acquired 7-1-14 9-15-14 6-10-19 5-10-97 5-5-20 Adjusted Basis $1,661 5,820 850 4,600 800 Date Sold 12-6-20 11-14-20 10-15-20 8-8-20 10-15-20 Sales Price $2,311 4,320 715 2,430 900 The Seas carried over a $260 short-term capital loss and a $2,500 long-term capital loss from 2019. The Seas report taxable wages of $51,920. From this amount $1,840 was withheld for federal income taxes. The Seas's only other item of gross income during the year was $1,200 of dividend income, which does not include any qualified dividends. Prepare the Seas' 2020 tax return. Neither want $3 to go to the Presidential election campaign fund. Use the approach from Examples 10-12 to compute the Seas' tax. The Seas live at 1319 Mayfair Drive, Champaign, IL 61821. They claim one dependent, their 13-year-old son, Tad (SSN 629-43-7881). The Seas get full health care coverage through Michael's work. The Seas sign their return on April 15, 2021
