Question
Elliot will use the single filing status. His modified adjusted gross income (MAGI) is $300,000. This includes $25,000 of capital gain income from the sale
Elliot will use the single filing status. His modified adjusted gross income (MAGI) is $300,000. This includes $25,000 of capital gain income from the sale of stock and $100,000 of ordinary income from a partnership in which he actively participates. Assuming Elliot does not have any deductible expenses allocable to investment income.
What is the amount used to calculate his net investment income tax ?
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In this case Elliot has two sources of investment income 1 Capital gain income from the sale o...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
