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Question 7 ( Chapter 3 ) Anakin is a married filing separately filer. He sold a personal computer that he held for five years for
Question Chapter
Anakin is a married filing separately filer. He sold a personal computer that he held for five years for $ His basis in the computer was $ He also sold stock that he held for months for $ His basis in the stock was $ He also sold stock that they held for months for $ His basis in the stock was $ Finally, he sold stock that he held for years for $ His basis in the stock was $ If Anakin has other taxable income of $ how much tax will he owe on these transactions only?
Question Chapter
Phil is a calendar year taxpayer and a lender. He also runs a drycleaning business. Customers have the option to pay $ per year for unlimited drycleaning. In December a customer pays him $ for unlimited dry cleaning in and In December a borrower pays him $ interest monthly interest is $ for November interest, December interest, January interest, February interest, March interest, and April interest. In January a borrower pays him $ interest monthly interest is $ for December interest, January interest, February interest and March interest. If Phil is an accrual method taxpayer, how much income does he report in:
a
b
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