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federal tax question. complete the proper tax form interest and ordinary dividends and any other necessary forms. For investment income due 11-24-19 thank you Investment
federal tax question.
complete the proper tax form interest and ordinary dividends and any other necessary forms. For investment income
due 11-24-19 thank you
Investment Income During 2018, the Heavho's received $1,100 in interest from Sellville National Bank. They also received $800 in tax-exempt interest from municipal bonds issued by the City of Sellville. The Sellville bonds are not private activity bonds. In 2018, the Heavhos received qualified ordinary dividend income from (1) Black Inc. of $550, (2) Nojoke Capital Fund of $450, and (3) Working World Mutual Fund of $260. They also received a $400 capital gain distribution from Working World Mutual Fund. In addition, they received $1,700 in ordinary nonqualified foreign corporation dividends from Consolidated Large Company Ltd. The Heavhos have no authority over any foreign financial accounts, and have no connection with any foreign trusts. The Heavhos received Forms 1099-DIV for all their dividends received. In 2018, the Heavhos sold the following stock. They received a Form 1099-B from their online broker (TD Smalltrade: EIN #43-0089696), and thus all transactions were reported to the IRS. No tax was withheld on these transactions, and all transactions involved publicly-traded stock. For all transactions, the cost basis of the stock had previously been reported to the IRS: 1. 3/12/2018 - 100 shares of White Inc. were sold for $2,000. They were purchased on 1/12/2016 for $2,500. 2. 11/5/2018 500 shares of Gibbett Corp. were sold for $7,000. They were purchased on 1/5/2017 for $5,000. 3. On 12/4/2018, 200 shares of Horseland Corp. were sold for $11,000. They were purchased on 5/11/2006 for $6,000. 4. On 12/1/2018, 400 shares of Slackland Corp. were sold for $4,500. They were purchased on 12/14/2017 for $5,500 Step by Step Solution
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