Question
This is a taxation question US Federal tax forms and filling them out properly. Even if you give me the form and the line numbers
This is a taxation question US Federal tax forms and filling them out properly. Even if you give me the form and the line numbers associated with the amounts and in ( ) the calculations as to how you aquired that result it will assist me in learning the tax form completion.
Thank you in advance I had to [ut under finance as they have no taxation subject.
Moduel 2: 104. Marvin and Tracy Peerys 2012 taxable income is $87,830 before considering the
effect of their investment activities. Details of their 2012 sales of investment assets
follow:
Security Sale Purchase Sales Commissions Basis
Date Date Price Paid
Jobe Tool Inc. 02/19/12 11/15/11 $14,500 $400 $11,000
Gilly Corporation 04/30/12 03/02/09 $8,800 $300 $ 2,900
Skyelab Inc. 12/14/12 04/30/12 $8,000 $275 $8,525
The Form 1099 Marvin and Tracy received from their broker indicated total
sales of $30,325 (i.e., sales were reported net of commissions). In addition, on
July 19, Marvin sells a Barry Sanders football card for $600. He paid $20 for the
card in June 1999. Marvin and Tracy ask you to prepare their 2012 Schedule D. Their 2011
schedule D indicates that they had a $4,500 net long-term capital loss in 2011.
Marvins Social Security number is 567-22-3495 and Tracys is 654-33-8790.
Forms and instructions can be downloaded from the IRS Web site (www.irs.gov).
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