Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need these 4 problems done. need correct work. only tax expert. will tip 15$ 2) Bill files as head of household in 2015. He

i need these 4 problems done. need correct work. only tax expert. will tip 15$

image text in transcribed 2) Bill files as head of household in 2015. He had taxable income of $90,000, including the sale of stock he held for investment for two years for a $20,000 gain. Bill sold no other assets during the year, and he did not have any capital loss carryovers. a. What is Bill's 2015 tax liability? b. What would Bill's 2015 tax liability be if he had held the stock for 10 months? 4) Jasmine received a parcel of land as a gift from her Uncle Eustace. At the time of the gift, the land had a fair market value of $83,000 and an adjusted basis of $23,000. This was the only gift that Jasmine received from Eustace during 2015. If Eustace paid a gift tax of $15,000 on the transfer of the gift to Jasmine, what tax basis will Jasmine have for the land? a. $23,000 b. $35,443 c. $36,043 d. $83,000 7) Denise married Glenn on January 10, 2015. Glenn sold his personal residence on October 25, 2014, and excluded the entire gain of $175,000. They had originally planned to live in the house that Denise had received as a gift from her parents in 2005, but they decided instead to purchase a larger house, and Denise sold her house 60 days after their wedding and realized a $370,000 gain. a. If Denise and Glenn file a joint return, how much of the $370,000 gain may be excluded from income? b. If Denise files as married filing separately, how much of the $370,000 gain may be excluded from income? 17) Conner purchased 300 shares of Zinco stock for $30,000 in 2010. On May 23, 2015, Conner sold all the stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss during 2015. On July 26, 2015, Alice sold the 300 shares of Zinco for $25,000. a. What amount of the loss from the sale of Zinco stock can Conner deduct in 2015? b. What was Alice's recognized gain or loss on her sale

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_2

Step: 3

blur-text-image_3

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

Using Microsoft Excel And Access 2013 For Accounting

Authors: Glenn Owen

4th Edition

1305161858, 9781305161856

More Books

Students also viewed these Accounting questions

Question

3. Im trying to point out what we need to do to make this happen

Answered: 1 week ago

Question

1. I try to create an image of the message

Answered: 1 week ago