FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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42. LO.5 Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2018. Phil does not work due to a disability, but he is a buyer and seller of stocks. He generally buys and holds for long-term gain but occasionally gets in and out of a stock quickly. The couple's 2018 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends. What is Phil and Susan's AGI? a. Item Date Acquired Date Sold Cost Sales Price Blue stock (10 shares) 11/10/17 03/12/18 $ 3,000 $ 6,000 Purple stock (100 shares) 12/13/16 05/23/18 36,000 32,000 Beige stock (50 shares) 12/14/13 07/14/18 13,000 14,500 Red stock (100 shares) 06/29/17 05/18/18 26,000 27,000 Black stock (100 shares) 05/15/17 10/18/18 67,000 67,800 Gray stock (100 shares) 04/23/16 10/18/18 89,000 88,200 b. Complete a Form 8949 for the Hammonds (Phil's Social Security number is 123-45-6789). Assume that the stock sale information was reported to the Hammonds on a Form 1099–B and that basis information was provided to the IRS.
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Transcribed Image Text:42. LO.5 Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2018. Phil does not work due to a disability, but he is a buyer and seller of stocks. He generally buys and holds for long-term gain but occasionally gets in and out of a stock quickly. The couple's 2018 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends. What is Phil and Susan's AGI? a. Item Date Acquired Date Sold Cost Sales Price Blue stock (10 shares) 11/10/17 03/12/18 $ 3,000 $ 6,000 Purple stock (100 shares) 12/13/16 05/23/18 36,000 32,000 Beige stock (50 shares) 12/14/13 07/14/18 13,000 14,500 Red stock (100 shares) 06/29/17 05/18/18 26,000 27,000 Black stock (100 shares) 05/15/17 10/18/18 67,000 67,800 Gray stock (100 shares) 04/23/16 10/18/18 89,000 88,200 b. Complete a Form 8949 for the Hammonds (Phil's Social Security number is 123-45-6789). Assume that the stock sale information was reported to the Hammonds on a Form 1099–B and that basis information was provided to the IRS.
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