Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Phil Dunphy ( SSN 9 8 7 - 6 5 - 4 3 2 1 ) is single and has a eleven - year -
Phil Dunphy SSN is single and has a elevenyearold son, Luke who lives with him nine months of the year in a rented condominium at Main Street in Sioux City, Iowa. Luke lives with his mother, Phil's exwife, during the summer months. Sadly, she left Phil for a fireman named Les McBurney. Luke's mother provides more than half of Luke's support and Phil has agreed to allow her to claim Luke as her dependent. Phil has a salary of $ and itemized deductions of $ Taxes withheld during the year amount to $ Phil received a K from a partnership indicating that his share of the partnership STCL is $ On July of the current year, he sold the following assets where all transactions were reported on FormsB showing basis was reported to the IRS: Land was sold for $ The land was received as a property settlement on January when the land's FMV amounted to $ His exwife's basis for the land, purchased on January was $ A personaluse computer acquired on July last year for $ Because the computer had the latest NVIDIA GPU, it was sold for $ A lifetime membership card for pizza at Pizza Ranch was sold for $ The card was acquired on September for $ Marketable securities held as an investment were sold for $ The securities were inherited from his uncle Mitchell, who died sadly on March of the current year from excessive snobbery. On the uncle's date of death, the FMV of the securities was $ the uncle had purchased the securities on May for $ common shares of Tesla stock held as an investment were sold for $ The common shares of Tesla stock were purchased by Phil on October for $ per share. On July of the current year, Phil heard a rumor that Tesla was about to secure a major order to provide cars to Hertz rental car. He bought common shares of Tesla stock for $ in anticipation that the stock would go up when the order was announced. In addition to the above sales, Phil received a $ refund of state income taxes paid last year. Phil used the standard deduction last year to compute his tax liability. He had no transactions involving virtual currency. Prepare forms schedule D and Qualified Dividends and Capital Gains Tax worksheet for the current year.
Phil Dunphy SSN is single and has a elevenyearold son, Luke who lives with him nine months of the year in a rented condominium at Main Street in Sioux City, Iowa. Luke lives with his mother, Phil's exwife, during the summer months. Sadly, she left Phil for a fireman named Les McBurney. Luke's mother provides more than half of Luke's support and Phil has agreed to allow her to claim Luke as her dependent. Phil has a salary of $ and itemized deductions of $ Taxes withheld during the year amount to $ Phil received a K from a partnership indicating that his share of the partnership STCL is $ On July of the current year, he sold the following assets where all transactions were reported on FormsB showing basis was reported to the IRS:
Land was sold for $ The land was received as a property settlement on January when the land's FMV amounted to $ His exwife's basis for the land, purchased on January was $
A personaluse computer acquired on July last year for $ Because the computer had the latest NVIDIA GPU, it was sold for $
A lifetime membership card for pizza at Pizza Ranch was sold for $ The card was acquired on September for $
Marketable securities held as an investment were sold for $ The securities were inherited from his uncle Mitchell, who died sadly on March of the current year from excessive snobbery. On the uncle's date of death, the FMV of the securities was $ the uncle had purchased the securities on May for $
common shares of Tesla stock held as an investment were sold for $ The common shares of Tesla stock were purchased by Phil on October for $ per share. On July of the current year, Phil heard a rumor that Tesla was about to secure a major order to provide cars to Hertz rental car. He bought common shares of Tesla stock for $ in anticipation that the stock would go up when the order was announced.
In addition to the above sales, Phil received a $ refund of state income taxes paid last year. Phil used the standard deduction last year to compute his tax liability. He had no transactions involving virtual currency. Prepare forms schedule D and Qualified Dividends and Capital Gains Tax worksheet for the current year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started