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help please!!!! PC:14-47 (similar to) The following tome se relevant for the first income tax return for the art Young Estate Me Youna, a cash
help please!!!!
PC:14-47 (similar to) The following tome se relevant for the first income tax return for the art Young Estate Me Youna, a cash method of accounting taxpayer, died on Juy 1.2020 (Click the icon to view the items) (Click the icon to view the additional information) Requirement What amount of IBD should the estate report on its first calendar year income tax return? (Do not round intermediary ratios.) Amount 11.000 Dividends win record date of June 14 Teflorest accrued to y 1 Gain ons of land 10,500 Total IRD Data Table - $ Dividends Interest on corporate bonds Collection in August on installment note from sale of land 12.000 14.000 22.800 Print Done * More Info - The record dates were June 14 for $11,000 of the dividends and October 31 for the remaining $1,000 of dividends. The bond interest is payable annually on October 1. Mr. Young's basis in the investment and was $18,000. Ho sold it in May of 2019 for a total sales and contract price of $45,000 and reported his gain under the installment method. Ignore interest on the installment note Print Done Step by Step Solution
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