Mrs Black gifts to her daughter, Jane, a stock worth $212,000 Mrs Black bought the stock for $20,000 some years ago What is Jane's basis for income tax purposes $20,000 $32,000 $200,000 $212,000 Mr A wants to exchange his twenty acres of land worth $250,000 with a basis of $100,000 for Mr Zs land Mr Zs 30 acres are worth $250,000 but have a basis of $300,000 What will Mr As basis in the 30 acres after the exchange $100,000 $150,000 $250,000 $300,000 $50,000 A daughter inherits stock from her father with a FMV of $70,000 at the date of death Her father purchased the stock two months ago for $20,000 She then sells the stock for $80,000 What is the amount of capital gain she must recognize $10,000 LTCG $10,000 STCG $35,000 LTCG $45,000 STCG $45,000 LTCG Jake purchases stock for $5,000 After it appreciates in value to $10,000, he gives it to Joan Joan turns around and sells the stock for $12,000 How much gain does Joan have to recognize Stephanie received 100 shares of ZYX Corp stock with a fair market value of $30,000 as of the date of the gift from her aunt Her Aunts basis in the ZYX Corp stock was $60,000 Stephanie sold the stock for $45,000 What is Stephanies recognized gain or loss Your client Bebe Rebozo is contemplating the exchange of two parcels of investment land for two similar parcels in two separate transactions Given the following details of the proposed transaction, compute the amount of recognized gain and loss (if any) on both parcels if your client completes the exchanges Parcel A Ten acres of land acquired 15 years ago with a current basis of $50,000 In exchange your client will receive eight acres of land (FMV $80,000) and $20,000 in cash Parcel B Twenty acres of land acquired two years ago with a current basis of $100,000 In exchange, your client will receive twelve acres of land (FMV $75,000) and $10,000 in cash How much gains and or losses will your client recognize for Parcel A and Parcel B separately Tom and his wife want to sell their ranch in Florida (FMV $1,500,000 basis $500,000) and move to Montana While looking for land in Montana they met with Joel, a rancher who wants to move to Florida Joel owns land with a FMV of $1,000,000 and a basis of $100,000 Tom and his wife told him it was not an acceptable exchange He has countered by adding cattle worth $500,000 If they accept Joels offer How much recognized gain will Tom and his wife be taxed on What is Tom and his wifes basis in their new property What is Joels basis in his new property In 2021, Carlos, a single filer, has $170,000 in wages What is the amount of payroll tax paid by Carlos What is the amount of payroll tax paid by his employer You run a catering business as a sole proprietor In 2021, your net profit as reported on Schedule C is $50,000 What is your SECA tax base What is your SECA tax liability What is the amount of above the line deduction for the self employment tax

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Mrs. Black gifts to her daughter, Jane, a stock worth $212,000. Mrs. Black bought the stock for $20,000 some years ago. What is Jane's basis

Mrs. Black gifts to her daughter, Jane, a stock worth $212,000. Mrs. Black bought the stock for $20,000 some years ago. What is Jane's basis for income tax purposes?
1. $20,000
2. $32,000
3. $200,000
4. $212,000
Mr. A wants to exchange his twenty acres of land worth $250,000 with a basis of $100,000 for Mr. Zs land. Mr. Zs 30 acres are worth $250,000 but have a basis of $300,000. What will Mr. As basis in the 30 acres after the exchange?
1. $100,000
2. $150,000
3. $250,000
4. $300,000
5. -$50,000
A daughter inherits stock from her father with a FMV of $70,000 at the date of death. Her father purchased the stock two months ago for $20,000. She then sells the stock for $80,000. What is the amount of capital gain she must recognize?
1. $10,000 LTCG
2. $10,000 STCG
3. $35,000 LTCG
4. $45,000 STCG
5. $45,000 LTCG
Jake purchases stock for $5,000. After it appreciates in value to $10,000, he gives it to Joan. Joan turns around and sells the stock for $12,000. How much gain does Joan have to recognize?
Stephanie received 100 shares of ZYX Corp. stock with a fair market value of $30,000 as of the date of the gift from her aunt. Her Aunts basis in the ZYX Corp. stock was $60,000. Stephanie sold the stock for $45,000. What is Stephanies recognized gain or loss?
Your client Bebe Rebozo is contemplating the exchange of two parcels of investment land for two similar parcels in two separate transactions. Given the following details of the proposed transaction, compute the amount of recognized gain and loss (if any) on both parcels if your client completes the exchanges: Parcel A: Ten acres of land acquired 15 years ago with a current basis of $50,000. In exchange your client will receive eight acres of land (FMV = $80,000) and $20,000 in cash. Parcel B: Twenty acres of land acquired two years ago with a current basis of $100,000. In exchange, your client will receive twelve acres of land (FMV = $75,000) and $10,000 in cash.
1. How much gains and/or losses will your client recognize for Parcel A and Parcel B separately?
Tom and his wife want to sell their ranch in Florida (FMV $1,500,000 / basis $500,000) and move to Montana. While looking for land in Montana they met with Joel, a rancher who wants to move to Florida. Joel owns land with a FMV of $1,000,000 and a basis of $100,000. Tom and his wife told him it was not an acceptable exchange. He has countered by adding cattle worth $500,000. If they accept Joels offer:
1. How much recognized gain will Tom and his wife be taxed on?
2. What is Tom and his wifes basis in their new property?
3. What is Joels basis in his new property?
In 2021, Carlos, a single filer, has $170,000 in wages. What is the amount of payroll tax paid by Carlos? What is the amount of payroll tax paid by his employer?
You run a catering business as a sole proprietor. In 2021, your net profit as reported on Schedule C is $50,000.
1. What is your SECA tax base?
2. What is your SECA tax liability?
3. What is the amount of above-the-line deduction for the self-employment tax?