Q: The maximum tax bases and percentages for 2017 for the two portions
The maximum tax bases and percentages for 2017 for the two portions of the self-employment tax are which of the following? Social Security Medicare a. 127,200; 12.4% Unlimited; 2.9%. b. 127,2...
See AnswerQ: Jim sells a parcel of land for $75,000 cash
Jim sells a parcel of land for $75,000 cash and the buyer assumes Jim’s liability of $10,000 on the land. Jim’s basis is $ 64,000. What is the gain or loss on the sale? a. $1,000 loss. b. $1,000gai...
See AnswerQ: Which is true regarding long-term capital gains?
Which is true regarding long-term capital gains? a. A net long-term gain can be taxed at 28%, 25%, 20%, 15% or 0%, depending on the type of gain generated. b. A net long-term loss can be offset again...
See AnswerQ: When there are a net short-term loss and a net
When there are a net short-term loss and a net long-term loss, which of the following is true? a. The entire short-term loss is used to reduce other income before the long-term loss can be used to o...
See AnswerQ: Alton received a Form 1099-B that shows a net sales
Alton received a Form 1099-B that shows a net sales price of $3,500 on the sale of 600 shares of FNP Company. He bought the stock on October 21, 2016, and sold it on October 22, 2017. His basis in t...
See AnswerQ: Amal received a Form 1099-DIV with a capital gain distribution
Amal received a Form 1099-DIV with a capital gain distribution of $210. She also received a Form 1099-B from the sale of 240 shares of AMS stock she purchased for $2,900 plus a $28 commission fee on...
See AnswerQ: Shannon bought an apartment building in July 2011for $360,000
Shannon bought an apartment building in July 2011for $360,000 and sold it for $480,000 in 2017. There was $77,994 of accumulated depreciation allowed on the apartment building. Assuming that Shannon...
See AnswerQ: Francisco, a single taxpayer, has income from his W-
Francisco, a single taxpayer, has income from his W-2 of $93,250. He also has a short-term capital loss of $7,311 a short-term capital gain of $2,100, and a long-term capital gain of $4,680. What is...
See AnswerQ: In 2017 Ann received 1,000 shares of stock as a
In 2017 Ann received 1,000 shares of stock as a gift from her husband, Tim, who purchased them in 2008. At the time of the gift, the FMV of the stock was $29,300 and Tim’s basis was $31,000. If Ann...
See AnswerQ: In 2017 Ann received 1,000 shares of stock as a
In 2017 Ann received 1,000 shares of stock as a gift from her husband, Tim, who purchased them in 2008. At the time of the gift, the FMV of the stock was $29,300 and Tim’s basis was $31,000. If Ann...
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