Question
(ii) During 2021, JC sold his personal car for $2,500. He had purchased the car in 2017 for $6,000. In March 2021, he sold 500
(ii) During 2021, JC sold his personal car for $2,500. He had purchased the car in 2017 for $6,000. In March 2021, he sold 500 shares of stocks for $10,000. he acquired the stock in December 2012 for $22,000. On January 11, 2021, he gave his nephew a truck that had been used solely in his business. The truck cost $9,000 in 2018. Depreciation totaling $6,500 had been previously deducted on the truck at the time of of the gift. JC paid the following personal expenses in 2021
Food | ................. | $3,000.00 | |
Real Estate Taxes on Home | ................. | $2,500.00 | |
Repairs of Home | ................. | $300.00 | |
Utilities | ................. | $900.00 | |
Personal Auto Expenses | ................. | $1,800.00 | |
Vacations | ................. | $1,100.00 | |
Department Store Purchases | ................. | $1,700.00 | |
Interest on Home Mortage | ................. | $2,000.00 | |
Charitable Contributions | ................. | $500.00 | |
Life Insurance Premiums | ................. | $1,500.00 | |
Medical Bills | ................. | $600.00 | |
Entertainment | ................. | $900.00 | |
Other | ................. | $300.00 | |
Total | $17,100.00 | ||
(ii) For 2021, JC reported adjusted gross income of $19,000. The balances in his bank accounts were $1,500 at the end of 2020 and $18,900 at the end of 2021. If JC correctly reported his income for 2021, what would be his net worth computations - Use the correct net worth schedule?
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