Problem 16-31 (Algo) [LO 16-5, 16-9] In 2000, Ms. Ennis, a head of household, contributed $43,000 in exchange for 430 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 430 shares for $99,000. Her only other investment income was an $8,000 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $527,000. Assume the taxable year is 2024. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: a. Compute Ms. Ennis's income tax and Medicare contribution tax for the year. b. How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? c. How would the computation change if Ms. Ennis acquired the Seta stock in 2022 instead of 2000? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Amount Taxable income $ 535,000 Total income tax $ 1,600 × Medicare contribution tax $ 304 Total tax $ 1,904 × < Required A Required C >

n 2000, Ms. Ennis, a head of household, contributed $76,000 in exchange for 760 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 760 shares for $124,000. Her only other investment income was an $7,700 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $549,000. Assume the taxable year is 2022. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Compute Ms. Ennis’s income tax and Medicare contribution tax for the year. How would the computation change if Ms. Ennis acquired the Seta stock in 2019 instead of 2000?

answer must be in table format or i will give down vote

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In 2000, Ms. Ennis, a head of household, contributed $76,000 in exchange for 760 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 760 shares for $138,000. Her only other investment income was an $8,400 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $567,000. Assume the taxable year is 2022. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: a. Compute Ms. Ennis's income tax and Medicare contribution tax for the year. b. How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? c. How would the computation change if Ms. Ennis acquired the Seta stock in 2019 instead of 2000? Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ennis's income tax and Medicare contribution tax for the year. Note: Round your intermediate calculations…

In 2000, Ms. Ennis, a head of household, contributed $76,000 in exchange for 760 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 760 shares for $138,000. Her only other investment income was an $8,400 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $567,000. Assume the taxable year is 2022. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: Compute Ms. Ennis’s income tax and Medicare contribution tax for the year. How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? How would the computation change if Ms. Ennis acquired the Seta stock in 2019 instead of 2000?

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Margaret Lindley paid $15.100 of interest on her $301,000 acquisition debt for her home (fair market value of $501,000 $4,100 of interest on her $30100 home equity debt used to buy a new boat and cac $1,100 of credit card interest, and $3,100 of margin interest for the purchase of stock Assume that Margaret Lindley has $10,100 of interest income this year and no investiment expenses. How much of the interest expense may she deduct this year? Multiple Choice O O O $23,400 $22.300 $19,200 $1,200 None of the choices are correct

36. One year prior to his death, Bobby lends his son $250,000 at a 10% interest rate per year to purchase land. As part of the promissory note, the promissory note will cancel upon Bobby's death. At the time of death no payments were made and Bobby did not seek payment from his son. Assuming this is John's only asset, what is the value of his gross estate? a. $0 b. $25,000 c. $250,000 d. $275,000