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Vince, who is a cash basis taxpayer, had the following activity for the year 2021. Determine his AGI. Show all work using the Tax Formula
Vince, who is a cash basis taxpayer, had the following activity for the year 2021. Determine his AGI. Show all work using the Tax Formula Salary $250,000 Stock value increase $15,000 (his shares of Apple stock when from $10,0000 value to $25,000 value this year) Income from Partnership $40,000 (he is a 40% owner. The Partnership had $100,000 total income but did not make any distributions to him) State of Ohio interest income $1000 Dividend income from IBM $200 Check received for services $1,000 - the check was received December 30, 2021. Vince did not feel like driving to the bank. Therefore he did not cash it until January 2, 2022. Sale of Swim stock $7,000 loss - stock was held for 2 years Sale of Grange stock $2,500 gain - stock was held for 6 months Sale of Twister stock $1,000 gain - stock was held for 18 months Sale of personal computer $2,000 loss - computer was held for 4 years. *The partnership income is eligible for the QBI deduction. Vince, who is a cash basis taxpayer, had the following activity for the year 2021. Determine his AGI. Show all work using the Tax Formula Salary $250,000 Stock value increase $15,000 (his shares of Apple stock when from $10,0000 value to $25,000 value this year) Income from Partnership $40,000 (he is a 40% owner. The Partnership had $100,000 total income but did not make any distributions to him) State of Ohio interest income $1000 Dividend income from IBM $200 Check received for services $1,000 - the check was received December 30, 2021. Vince did not feel like driving to the bank. Therefore he did not cash it until January 2, 2022. Sale of Swim stock $7,000 loss - stock was held for 2 years Sale of Grange stock $2,500 gain - stock was held for 6 months Sale of Twister stock $1,000 gain - stock was held for 18 months Sale of personal computer $2,000 loss - computer was held for 4 years. *The partnership income is eligible for the QBI deduction
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