Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2021, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2021. 3,000 Feedback b. Calculate the amount and nature of his capital loss carryforward. 43,300 x Long-term capital loss carryforward o v Short-term capital loss carryforward Feedback c. For how long may Michael carry forward any long-term unused loss? Indefinitely

Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2021, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2021. 3,000 Feedback b. Calculate the amount and nature of his capital loss carryforward. 43,300 x Long-term capital loss carryforward o v Short-term capital loss carryforward Feedback c. For how long may Michael carry forward any long-term unused loss? Indefinitely

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 20DQ

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Problem 4-6Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2019, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2019.$fill in the blank 38992c007fd800f_1 b. Calculate the amount and nature of his capital loss carryforward.$fill in the blank caf70206104606d_1 Long-term capital loss carryforward$fill in the blank caf70206104606d_2 Short-term capital loss carryforward c. For how long may Michael carry forward any long-term unused loss?
Problem 4-6Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2019, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2019.$ b. Calculate the amount and nature of his capital loss carryforward.$ Long-term capital loss carryforward$ Short-term capital loss carryforward c. For how long may Michael carry forward any long-term unused loss?
Problem 4-7 Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2022, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses for 2022. $ 3,000 Feedback Check My Work b. Calculate the amount and nature of his capital loss carryforward. $ X Long-term capital loss carryforward 0✔Short-term capital loss carryforward Feedback Check My Work Partially correct c. For how long may Michael carry forward the unused loss? Indefinitely Feedback
Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00
Problem 4: Calculate net tax due Saji and Henry Lozano are married for all of 2022 and have an AGI of $130,000, taxable income of $120,000 and calculated income tax liability of $50,000. Their income tax liability in 2021 was $40,000, and they made the minimum amount of withholding and estimated income tax payments to ensure that they will not be subject to any estimated tax penalties. In addition, they had $5,700 withheld from their wages for their portion of Social Security and Medicare taxes and provided you with the following information: • They maintained a home for Saji's dependent 85 year old father. Henry spent $2,000 on qualified tuition pursuing his master's degree. Required: What is the Lozano's net tax due(refunded) for 2022?
Problem 1-10 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return for 2023. Their income from salaries totals $52,000, and they received $8,000 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Brock and Erin's deductions for adjusted gross income amount to $2,750, and they have itemized deductions totaling $28,000. Table for the standard deduction Filing Status Single Married, filing jointly Married, filing separately Head of household Surviving spouse Click here to access the tax tables. Calculate the following amounts: a. Gross income Standard Deduction b. Adjusted gross income d. Taxable income $13,850 27,700 13,850 20,800 27,700 c. Itemized deduction or standard deduction amount e. Income tax liability (before any credits) 68,000 65,250 28,000 37,250 4,027 X
Problem 4-14 Net Operating Losses (LO 4.9) Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,550 in 2021. a. Calculate Julie's taxable income or loss. loss b. Calculate the business and nonbusiness portions of her taxable income or loss. Business: loss Nonbusiness: loss c. Determine Julie's 2021 NOL.
alculate his taxable income for the year. Assume that Blake has a non-capital loss carryforward from last year of $5,000. Problem 4 ITA: 3, 111 The following information has been provided by your client, Mr. Stanley Norman: Employment income Property income (loss) Capital gains (CG) Capital losses (CL) (excluding BIL). Business investment loss (BIL) 2020 2021 $75,000 2022 $80,000 $ 90,000 (4,000) 3,000 (6,000) 144,000 160,000 18,000 22,500 80,000 36,000 54,000 Additional Information (1) The above capital gains do not include capital gains from qualified farm property or qualified small business corporation shares. (2) Mr. Norman had a $21,000 net capital loss which was realized in 2017. (3) Mr. Norman did not have a capital gain prior to 2020. Dealing with each item line-by-line across the years, rather than one year at a time: (A) determine Mr. Norman's income from the sources indicated for 2020 to 2022 according to the ordering rules in section 3, and (B) determine Mr. Norman's…
Problem 6-8Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules and the trust and estate tax rate schedules. a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income.$ b. Calculate Stan's net unearned income.$ c. Calculate Stan's earned taxable income.$ d. Calculate Stan's tax for 2019. $
You and spouse are filing a joint return. Your current deductions have reduced your taxable income to $88,990, bringing you into the 25 percent tax bracket. The first dollars you earned will be taxed at the bracket. Question content area bottom Part 1 A. 10 percent B. 15 percent C. 25 percent D. 33 percent tax
Problem 6-8 Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2021, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules. a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income. b. Calculate Stan's net unearned income. c. Calculate Stan's tax for 2021.
Accounting 1. Sally has the following for 2021: a $12,000 § 1245 gain a $38,000 § 1231 gain a $36,000 § 1231 loss a $2,000 § 1231 lookback loss a $18,000 long-term capital gain a $3,500 long-term capital loss. a. Determine her ordinary gain or loss amount for 2021. Enter an absolute amount. b. Determine her LTCG or LTCL amount for 2021. Enter an absolute amount. 23. Molly exchanges a rental building, which has an adjusted basis of $625,000, and FMV of $715,000 for another rental house which has a fair market value of $565,000. She also receives $150,000 in cash. What is the recognized gain or loss the new rental house?