Steven and Carol, who file a joint tax return, have taxable income of $135,000 before the following sales of stock: Purchase Date Sale Date Cost Sales Proceeds 02/14/Year 10 07/14/Year 10 $2,120 $4,670 04/05/Year 10 05/05/Year 8 12/31/Year 10 $5,810 $5,250 03/09/Year 10 $3,020 $2,630 What is Steven and Carol's new taxable income and tax liability? (Round answers to O decimal places, e.g. 125.) Taxable income S Tax liability $

Mr. and Mrs. Poe earned $135, 900 compensation income and $963 interest this year and recognized a $600 short-term capital gain and a $7,200 long-term capital gain on the sale of securities. They incurred $4,400 investment interest expense and $28, 500 other itemized deductions. Use 2023 Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: Compute the Poes' income tax on a joint return if they don't elect to treat long-term capital gain as investment income. Compute the Poes' income tax if they elect to treat enough long-term capital gain as investment income to allow them to deduct their investment interest.

During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset Market Value Tax Basis Holding Period L stock $ 50, 200 $ 41,100 > 1 year M stock 28, 200 39, 200 > 1 year N stock 30, 200 22, 100 1 year Rental home 300, 200* 90, 100 > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. a. Given that Ron and Anne have taxable income of only $19,900 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2023 assuming they file a joint return?

Jacob and Joria are married and file a joint return. They have the following items for the current year: Salaries $345,000 Loss on sale of § 1244 stock acquired 15 years ago 136,000 Gain on sale of § 1244 stock acquired ten months ago 44,000 Nonbusiness bad debt 12,000 Business bad debt 23,000 Determine their AGI for the current year. S-------

The Dolce Estate reports the following items for the current tax year. Dividend income                                      $ 50,000Taxable interest income                       8,000 Passive activity income                         30,000 Tax-exempt interest income               12,000 Distributable net income                      $100,000 Dolce’s two noncharitable income beneficiaries, Brenda and Dev, receive cash distributions of $20,000 each. How much of each class of income is deemed to have been distributed to Brenda? To Dev?

Mr. and Mrs. Poe earned $115,900 compensation income and $963 interest this year and recognized a $600 short-term capital gain and a $7,200 long-term capital gain on the sale of securities. They incurred $4,400 investment interest expense and $25,500 other itemized deductions. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Compute the Poe’s income tax on a joint return if they don’t elect to treat long-term capital gain as investment income. Compute the Poe’s income tax if they elect to treat enough long-term capital gain as investment income to allow them to deduct their investment interest.

Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income: 1. $124,000 from salary and wages (ordinary income). 2. $1,000 in interest income. 3. $2,000 in dividend income. 4. $3,000 in profit from sale of a stock they purchased two years ago. 5. $4,000 in profit from a stock they purchased this year and sold this year. Use the federal income tax rates given in Table 1.2. to work this problem. a. How much will Mike and Julie pay in federal income taxes on 2 above? b. How much will Mike and Julie pay in federal income taxes on 3 above? (Note: Remember that dividend income is taxed differently than ordinary income.). c. How much will Mike and Julie pay in federal income taxes on 4 above? d. How much will Mike and Julie pay in federal income taxes on 5 above? a. The amount Mike and Julie will pay in federal income taxes on 2, their interest income, is 5 CETTE (Round to the nearest dollar)

(1) XYZ Corporation is a calendar-year corporation. Ann and Paul each own 50% of the corporation's stock. Ann's adjusted basis in her XYZ stock is 7,800 and Paul's adjusted basis in his stock is $4,300. During the year 2019, XYZ makes the following cash distributions split equally between Ann and Paul: April 30 October 31 $15,000 $10,000 What is the amount, character and source of each section 301 distribution to Ann and Paul under each of the following assumptions? (a) Accumulated Earnings and Profits as of 1/1/19 of $-0-. Current Earnings and Profits for 2019 of $16,000 all of which is attributable to the period May 1 through December 31. (b) Accumulated Earnings and Profits as of 1/1/19 of $12,000. Current Earnings and Profits for 2019 of $8,000. (c) Accumulated Earnings and Profits as of 1/1/19 of negative $15,000. Current Earnings and Profits for 2019 of $22,000.

Gary received dividend income from the following sources: $1,530 Met Life Insurance Company $1,900 Mexico Manufacturing Company $740 Schwab mutual fund $2,800 fair market value common stock dividend How much is includible in Gary's taxable income? Taxable income $ 6,970

The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each. For the current tax year, Allwardt reports the following: Ordinary income $255,000 Long-term capital gains, allocable to corpus 76,500 Legal and accounting fees, allocable to corpus 12,750 a.  How much income is each beneficiary entitled to receive? b.  What is the trust's DNI? c.  What is the trust's taxable income? d.  How much gross income is reported by each of the beneficiaries?