Question
William and Kate file their federal individual income tax return as a married filing joint. Their 2020 income tax facts are: Williams wages: $200,000 Kates
William and Kate file their federal individual income tax return as a married filing joint. Their 2020 income tax facts are:
William’s wages: $200,000
Kate’s wages: 240,000
Long-term capital loss from sale of windsor, inc stock (68,000)
Sec. 1231 gain from UK Partnership (Passive Activity) 12,000
Short-term capital gain from sale of Prince albert Corp 29,500
Ordinary loss from Princes Partnership (31,000)
*Kate owns the Princes Partnership interest. Her at-risk investment in the partnership was $35,000 at the end of 2019. Kate is material participant in the Princes Partnership
What is William’s and Kate’s gross income for 2020? Show computations
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Elementary Statistics
Authors: Neil A. Weiss
8th Edition
321691237, 978-0321691231
