Required information [The following information applies to the questions displayed below.] Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares 7/10/2013 440 4/20/2014 340 1/29/2015 540 11/02/2017 290 Basis $ 14,960 13,532 14,904 9,628 If Dahlia sells 920 shares of Microsoft for $49,680 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. b. She uses the specific identification method and she wants to minimize her current-year capital gain.

Required information [The following information applies to the questions displayed below.] Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares 7/10/2013 440 4/20/2014 340 1/29/2015 540 11/02/2017 290 Basis $ 14,960 13,532 14,904 9,628 If Dahlia sells 920 shares of Microsoft for $49,680 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. b. She uses the specific identification method and she wants to minimize her current-year capital gain.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 43P

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Required information [The following information applies to the questions displayed below.] Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares 420 7/10/2013 4/20/2014 320 1/29/2015 520 11/02/2017 270 Basis $ 13,440 12,096 13,312 8,424 If Dahlia sells 860 shares of Microsoft for $44,720 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. b. She uses the specific identification method and she wants to minimize her current- year capital gain.
! Required information [The following information applies to the questions displayed below.] Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares Basis 7/10/2013 4/20/2014 500 1/29/2015 11/02/2017 600 $ 30,000 27,900 700 450 30,520 22,140 If Dahlia sells 1,400 shares of Microsoft for $98,000 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. b. She uses the specific identification method and she wants to minimize her current-year capital gain. Capital gain _
Required information Problem 7-42 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares 7/10/2013 640 4/20/2014 540 1/29/2015 740 490 11/02/2017 Basis $ 34,560 32,292 35,224 26,068 If Dahlia sells 1,520 shares of Microsoft for $112,480 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. Problem 7-42 Part-b (Algo) b. She uses the specific identification method and she wants to minimize her current-year capital gain.
Refer to the “Basis of Securities Sold” discussion following Example 25 in Chapter 11. (Concepts in Federal Taxation, 2021th Edition, Murphy, Higgins, Skalberg) You have always loved ABC Corp. and its wonderful products and so have been an investor in its stock for years. In fact whenever you could you added to your stockholdings in ABC, as follows: 11/2016 – 100 shares at $18 per share (initial purchase) 04/2017 – 100 shares at $22 per share 12/2017 – 100 shares at $24 per share 06/2018 – 100 shares at $25 per share 09/2019 – 100 shares at $29 per share Needing cash for a down payment on a new house, today you sold 250 shares at $36 per share. But, distracted by the wonderful new home that you are about to own, you forgot to instruct your online broker exactly which shares you were sell-ing. What is the amount and character of your gain on today’s sale?
Required information [The following information applies to the questions displayed below] Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2023: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1999 4/10/2023 8/23/2021 5/19/2013 8/20/2023 Net capital gain or loss Basis $ 7,900 15,300 12,375 5,750 7,755 Date Sold 7/22/2023 9/13/2023 10/12/2023 10/12/2023 11/14/2023 Amount Realized $ 5,020 19,090 17,510 13,375 3,825 c. What is Grayson's overall net gain or loss from these transactions? at
Malie bought 100 common shares of Gainsway Company on October 31, 2017 at P50 per share. On December 15, 2017 she received 25% stock dividend of common shares. On January 20, 2018, she sold the stock dividends at P30 per share. How much is the gain or loss on the sale of the stock dividends? P (250) 750 a C. b. 250 d. 3,750 CS Scanned with CamScanner 3.
Required information [The following information applies to the questions displayed below.] Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2023: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1999 4/10/2023 8/23/2021 5/19/2013 8/20/2023 Basis $ 7,550 14,600 11,500 5,470 7,510 Net long-term capital gain or loss Date Sold 7/22/2023 9/13/2023 10/12/2023 10/12/2023 11/14/2023 Amount Realized $ 4,740 18,250 16,320 12,850 3,650 b. What is Grayson's net long-term gain or loss from these transactions?
For numbers 1 to 11, identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: 1. Dec. 1, 2020 ‐ Bought 3,000 X Corp. shares at P200 per share. The total ordinary shares outstanding of X is 100,000 and each had a par value of P150. 2. Jan. 1, 2021 ‐ Bought an additional 15,000 shares of X Corp. for a total price of P3,800,000. The original shares are valued at P250 each. On the same date, ABC started providing essential technical information to X and that both corporations have an interchange of managerial personnel. Significant influence is established. There were no changes in the ordinary shares outstanding. 3. Net income reported for the year by the associate was P2,500,000. 4. Dividends declared by X is P2,000,000. It has 90,000 6%, P100‐par value preference shares outstanding which are cumulative and participating. No dividends were declared in the previous year. 5. As of Jan. 1, 2021, the fair value of the…
In 2022 Blue Company was involved in the following inter corporate stock investments; 11/12/22 Purchased #20,000 shares of Red Company common stock for $20.00 per share 12/12/22 Purchased #500 shares of Green Company common stock $6.00 per share 12/20/22 Sold the #20,000 shares of Red Company common stock for $25.00 per share 12/31/22 The #500 shares of Green Company common stock, which are still owned by Blue Company, are currently selling for $5.00 per share Required: Prepare the journal entries for the above transactions
How would I report the following dividends on the form 8949 and schedule D On January 3, 2021, Dave repurchased the exact number of shares he sold on December 29, 2020. Purchased Sold Sale Price Basis Gain/Loss Dell (held 9 month) 12/01/19 09/01/20 $ 15,000 $ 9,000 $ 6,000 Pepsi (held 4 month) 09/01/20 12/29/20 17,000 25,000 (8,000) IBM (held 30 month) 06/05/18 12/05/20 38,000 20,000 18,000
Mr. Watson had the following share transactions during 2021. Mr. Watson is not generally active in the trading of shares. Share # of shares Selling price Commission Telus Co Ltd. 4,000 $6,745 $400 ABC Manufacturing Ltd. 1,200 $18,435 500 Patty Makers Inc. 750 $2,930 600 The shares of Telus Co. Ltd. were purchased in 2018 at a cost of $12,500. The shares of Patty Makers Inc. were purchased in 2019 at a cost of $1,150. A summary of Mr. Watson transactions in the shares of ABC Manufacturing are set out below: 2015 Purchased 1,000 shares for $6 each plus a total commission of $500 2017 Received a 20% stock dividend that increased the corporation's paid-up capital by $3 per share 2019 Purchased 400 shares for $9 each plus a total commission of $500 2020 Received a 2 for 1 stock split Required Please calculate the taxable capital gains or allowable capital…
Required Information [The following information applies to the questions displayed below.] On April 10, 2019, Amelia Inc. purchased 475 shares of its own common stock in the market for $23 per share. On September 28, 2019, the company sold 285 of these shares in the open market at a price of $26 per share. Required: a. Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the purchase of the treasury stock on April 10. 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.) Assets Assets Balance Sheet Liabilities = + Cash b. Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the sale of the treasury stock on September 28. 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.) Balance Sheet Liabilities Stockholders' Equity Stockholders' Equity Net Income |E Net…