Question
Tormund and Maleficent Jankovich, age-68 and -52, are a married couple with taxable income, properly calculated, of $345,000.During the year, they completed transactions, including: Qualified
Tormund and Maleficent Jankovich, age-68 and -52, are a married couple with taxable income, properly calculated, of $345,000.During the year, they completed transactions, including:
Qualified dividends$455
Gain on sale of Tandem Diabetic stock(held from
11/10/2018 to 10/31/2019,Cost = $6,400) 2,100
SALE OF BUSINESS (November 27, 2019)Adjusted
Sales price Basis
Building (Cost $41,000)$48,000 $32,000
Land82,000 32,000
Computers and peripherals (Cost = $15,500) 12,000 5,500
Goodwill (internally generated) 50,000-0-
Calculate Tormund and Maleficent's federal income tax for 2019.You may want to review Form 4797 for how these transactions are reported.
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