Timothy died in January of this year. He had an allowable capital loss of \\( \\$ 80,000 \\) in the year of his death. He had taxable capital gains of \\(\\$ 25,000 \\) in each of prior three years. He had no other income in the last four years. What is the amount of Timothy's unabsorbed net loss? a) \\( \\$ 0 \\) b) \\( \\$ 5,000 \\) c) \\( \\$ 80,000 \\) d) \\( \\$ 30,000 \\)
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- 1. Martha has a net capital loss of $17,000 and other ordinary taxable income of $45,000 for the current year. What is the amount of Martha's capital loss carryforward? a.$17,000 b.$0 c.$14,000 d.$10,000 e.None of these choices are correct. 2. Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved into the same house and has lived there since. If they sell Jerry's house in the current year for $340,000, what is their taxable gain on a joint tax return? a.$0 b.$30,000 c.$155,000 d.$280,000 3. Which of the following is a capital asset? a.A literary work held by the author b.A taxpayer's principle residence c.Real estate held by a developer d.A truck used in a taxpayer's business e.None of these choices are correct.Martha has a net capital loss of $17,000 and other ordinary taxable income of $45,000 for the current year. What is the amout of Marth's capital loss carryover?During the current year, Tucker had the following personal casualty gains and losses (after deducting the $100 floor): Asset Holding Period Gain or (Loss) Asset 1 18 months ($14,300) Asset 2 2 months 8,580 Asset 3 3 years 17,875 What are the tax consequences of these items to Tucker? As a result of these transactions, Tucker has net personal casualty of $fill in the blank 2. Therefore, he treats all of the gains and losses as gains and losses.
- During the current year, Irving, an individual, had long-term capital losses of $2,000 and short-term capital losses of $1,500. If this is the first year Irving has experienced capital gains or losses, what amount of these losses may Irving deduct this year? Group of answer choices A.$3,500 B.$3,000 C.$1,750 D.$2,500Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and no other capital gains or losses. Her taxable income without this transaction is $47,000. What is her taxable income considering this capital loss? $40,000 $44,000 $47,000 $55,000 Some other amountSeveral years ago, Mohammed, who is single, acquired § 1244 stock in Blue Corporation at a cost of $83,600. He sells the Blue stock for $8,360 in the current year. Determine the amount and nature of Mohammed's gain or loss recognized this year. Mohammed's sale of Blue Corporation stock produces a total loss of of which _________? is treated as an ordinary loss.
- Christine died owning an interest in a passive activity property. The property had an adjusted basis of $228,500, a fair market value of $237,000, and suspended losses of $15,425 . What can be deducted on her final income tax return?For the current tax year, Morgan had $25,000 of ordinary income. In addition, he had an $1,900 long-term capital loss and a $1,600 short-term capital loss. What will be the amount of Morgan's capital loss carryforward to the next year? a.$300 b.$500 c.$3,500 d.$0 e.$3,000In the current year, Eva has net short-term capital losses of $3,000, a net long-term capital loss of $42,000, and taxable income from wages of $36,000. a. Calculate the amount of Estes' deduction for capital losses for the current year. b. Calculate the amount and nature (short-term or long-term) of his capital loss carryforward. c. For how many years may Eva carry the unused loss forward?
- Aram's taxable income before considering capital gains and losses is $63,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer). Required: a. Aram sold a capital asset that he owned for more than one year for a $5,060 gain, a capital asset that he owned for more than one year for a $530 loss, a capital asset that he owned for six months for a $1,260 gain, and a capital asset he owned for two months for a $930 loss. b. Aram sold a capital asset that he owned for more than one year for a $2,030 gain, a capital asset that he owned for more than one year for a $2,560 loss, a capital asset that he owned for six months for a $230 gain, and a capital asset he owned for two months for a $1,960 loss. c. Aram sold a capital asset that he owned for more than one year for a $2,530 loss, a capital asset that he owned for six months for a $4,260 gain, and a capital asset…Stacy has the following long-term capital gains and losses for this year: $16,000 28% gain, $5,000 28% loss, $32,000 25% gain, 16,000 25% loss, and $12,000 0%/15%/20% gain. She also has a $38,000 short-term loss and a $32,000 short- term gain. She has no other income. What is Stacy's AGI from these transactions? If she has a net long-term capital gain, what is its makeup in terms of the alternative tax rates (what amounts are in each layer)? For numbers, write commas but not dollar signs (example: 100,000). 28% Gain (amount in this layer): 25% Gain (amount in this layer): 0%/15%/20% Gain (amount in this layer): AGI:Sam Shoeman, a calendar year taxpayer, purchased stock in Eaton Corporation on July 12, 2020, for $2,500. On December 12, 2020, Eaton went bankrupt. What is Sam's 2020 loss? $2,500 long-term capital loss $2,500 ordinary loss $2,500 short-term capital loss No loss