Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan Hammond has wages of $34,000 in 2019. 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 2019 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends. DateItemAcquiredDate SoldCostSales PriceBlue stock (10 shares)11/10/1803/12/19$3,000$6,000Purple stock (100 shares) 12/13/1705/23/1936,00032,000Beige stock (50 shares)12/14/1407/14/1913,00014,500Red stock (100 shares)06/29/1805/18/1926,00027,000Black stock (100 shares)05/15/1810/18/1967,00067,800Gray stock (100 shares)04/12/1710/18/1989,00088,200 100 shares of Purple12/13/1705/23/1932,000 V36,000-4,000 XCompany50 shares of Beige Company12/14/1407/14/1914,50013,0001,500100 shares of Black Company05/15/1810/18/1967,80066,000 X1,800 x100 shares of Gray Company04/12/1710/18/1988,200 V89,000-8002 Totals. Add the amounts in columns (d), (e), (g), and (h)(subtract negative amounts). Enter each total here andinclude on your Schedule D, line 8b (if Box D above ischecked), line 9 (if Box E above is checked), or line 10 (ifBox F above is checked) ►202,500202,500 X202,500 XNote: Ifyou checked Box D above but the basis reported to the IRS was incorrect, enter in column (e) the basis as reported to the IRS, and

On Form 8949 first part is related to short term capital gain and part 2 on page 2 is related to…

Answered: Phil and Susan Hammond are married…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan Hammond has wages of $34,000 in 2019. 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 2019 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.

Date
Item
Acquired
Date Sold
Cost
Sales Price
Blue stock (10 shares)
11/10/18
03/12/19
$3,000
$6,000
Purple stock (100 shares) 12/13/17
05/23/19
36,000
32,000
Beige stock (50 shares)
12/14/14
07/14/19
13,000
14,500
Red stock (100 shares)
06/29/18
05/18/19
26,000
27,000
Black stock (100 shares)
05/15/18
10/18/19
67,000
67,800
Gray stock (100 shares)
04/12/17
10/18/19
89,000
88,200

100 shares of Purple
12/13/17
05/23/19
32,000 V
36,000
-4,000 X
Company
50 shares of Beige Company
12/14/14
07/14/19
14,500
13,000
1,500
100 shares of Black Company
05/15/18
10/18/19
67,800
66,000 X
1,800 x
100 shares of Gray Company
04/12/17
10/18/19
88,200 V
89,000
-800
2 Totals. Add the amounts in columns (d), (e), (g), and (h)
(subtract negative amounts). Enter each total here and
include on your Schedule D, line 8b (if Box D above is
checked), line 9 (if Box E above is checked), or line 10 (if
Box F above is checked) ►
202,500
202,500 X
202,500 X
Note: If
you checked Box D above but the basis reported to the IRS was incorrect, enter in column (e) the basis as reported to the IRS, and

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