Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer needs to be filled out in a form 8949 The Leticas had the following activity in their brokerage account during the year (all transactions

image text in transcribed

Answer needs to be filled out in a form 8949

The Leticas had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B and basis information for each stock sale was reported to the IRS): Sold 1,980 shares of Medtronic Sold 75 shares of Intel Sold 347 shares of Accenture Sold 990 shares of Disney Sold 50 shares of Cisco Systems Purchased 99 shares of McDonald's Purchased 347 shares of Accenture Purchased 347 shares of Pepsi Purchased 297 shares of Costco Wholesale 9/3/19 6/17/19 12/16/19 11/5/19 3/9/19 9/12/19 12/30/19 7/16/19 12/16/19 $22,275 $28,463 $14,553 $34,650 $2,723 $7,623 $13,860 $31,680 $20,790 Relevant tax basis/holding period information related to sales of securities in the current year: Purchased 1,980 shares of Medtronic on 7/3/19 for $20,790 Purchased 198 shares of Intel on 5/10/17 for $89,100 Purchased 297 shares of Accenture on 3/14/16 for $8,910 Purchased 50 shares of Accenture on 8/30/16 for $1,980 Received 990 shares of Disney from Cynthia's father as a gift on 12/12/03. Her father's basis in the stock at the time of the gift was $6,930. Fair market value of the stock at the date of the gift was $40,590 Purchased 99 shares of Cisco Systems on 11/7/18 for $5,940 The Leticas have a $42,570 long-term capital loss carryover from the prior tax year. The Leticas had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B and basis information for each stock sale was reported to the IRS): Sold 1,980 shares of Medtronic Sold 75 shares of Intel Sold 347 shares of Accenture Sold 990 shares of Disney Sold 50 shares of Cisco Systems Purchased 99 shares of McDonald's Purchased 347 shares of Accenture Purchased 347 shares of Pepsi Purchased 297 shares of Costco Wholesale 9/3/19 6/17/19 12/16/19 11/5/19 3/9/19 9/12/19 12/30/19 7/16/19 12/16/19 $22,275 $28,463 $14,553 $34,650 $2,723 $7,623 $13,860 $31,680 $20,790 Relevant tax basis/holding period information related to sales of securities in the current year: Purchased 1,980 shares of Medtronic on 7/3/19 for $20,790 Purchased 198 shares of Intel on 5/10/17 for $89,100 Purchased 297 shares of Accenture on 3/14/16 for $8,910 Purchased 50 shares of Accenture on 8/30/16 for $1,980 Received 990 shares of Disney from Cynthia's father as a gift on 12/12/03. Her father's basis in the stock at the time of the gift was $6,930. Fair market value of the stock at the date of the gift was $40,590 Purchased 99 shares of Cisco Systems on 11/7/18 for $5,940 The Leticas have a $42,570 long-term capital loss carryover from the prior tax year

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

Detecting Accounting Fraud Before Its Too Late

Authors: Oriol Amat

1st Edition

1119566843, 9781119566847

More Books

Students also viewed these Accounting questions