Richard Ryder has the following current - year passive income and loss amounts: $ 10,000 ABC ($18,000) XYZ What is the net income reported this year for the private interest activity if XYZ was disposed of and his at-risk basis is $ 14,000?
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- Tammy had the following aggregate results from her 2019 investing activity: STCG $300,000 LTCG $450,000 STCL -$260,000 LTCL -$390,000 After the capital gain and loss netting procedure listed below 1.Classify as short-term or long-term based on holding period: •Short-termheld less than 12 months •Long-term held longer than 12 months 2. Net short-term and long-term gains and losses to obtain a net short-term and a net long-term position for the year. Collectibles gains and losses, gains on qualified small businessstock, and unrecaptured Section 1250 gains are treated as long-term gains and losses inthe netting procedure. Short-term capital gain $ XX Short-term capital loss (XX) Net short-term gain (loss) Short-term capital gain or loss Long-term capital gain $ XX Long-term capital loss (XX) Net long-term gain (loss) Long-term capital gain or loss 3.If long-term…Coline has the following capital gain and loss transactions for 2020. a. Short-term capital gain $5,000 b. Short-term capital loss ($2,100) c. Long-term capital gain (28%) $6,000 d. Long-term capital gain (15%) $2,000 e. Long-term capital loss (28%) ($10,500) After the netting process, Coline has an overall of $fill in the blank 2.In 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?
- Uri has the following income and capital gains and losses in 2020. He has no other income or loss during the year. Which is Uri's income or loss after the netting process? Ordinary income 30,000 LTCG 28% Gain 15,000 LTCG 15% Gain 4000 STCL (23,000) Select one or more: a. URI has a $1000 LTCL carryover to 2021. b. URI has a $1000 STCL carryover to 2021 c. Uri can deduct only $22,000 out of the total STCL of $23,000 in 2020 d. URI has Ordinary income $27,000 e. Uri can deduct only $3000 of the STCL in 2020 f. URI has Ordinary income $30,000 g. URI has Ordinary income $7000; $15,000 28% Gain;KNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the$85,000 mortgage on the property.Required: What is KNB’s amount realized on the sale?b. Compute KNB’s after-tax cash flow from the sale if its adjusted basis in the realproperty is $40,000 and its marginal tax rate is 35 percent.On October 31 , 20x4 , Mr . Cruz bought property from D'Vision Heights which had earlier cost the latter P250,000 . The company received a down payment of P100.000 and a P400,000 mortgage note payable in twenty equal semiannual installments plus 16 % interest per annum on unpaid principal . Assuming the gross profit is recognized in the period of sole of gross profit to be recognized by D'Vision Heights in 20x6 would be :
- 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.$3,000An individual has an RSP that they are drawing money out of during 2020. TheRRSP has earned dividends of $10,000. The individual withdraws $32,000 from theRRSP. To obtain that much cash, the RSP sells investments worth $32,000 thathave a cost basis of $20,000. What is the individual's 2020 taxable income as aresult of the RRSP? A) 42000 B) 16000 C)19800 D)32000In 2019, Jenny had a $12,000 net short-term capital loss and deducted $3,000 as a capital loss deduction. In 2020, Jenny has a $18,000 0%/15%/20% long-term capital gain and no other capital gain or loss transactions. Which of the statements below is correct for 2020? a.) has a $9,000 net capital loss. b.) has a $3,000 capital loss deduction. c.) has a $9,000 net capital gain. d.) has a $18,000 net capital gain
- KNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the $85,000 mortgage on the property. Required: What is KNB’s amount realized on sale? Compute KNB’s after-tax cash flow from the sale if its adjusted basis in the real property is $40,000 and its marginal tax rate is 35 percent.Mr. Dela Cruz bought a piece of property forPhp100,000 downpayment and 10 deferred semiannualpayments of Php8,000 starting 3 years from now. Ifthe interest rate is 12% compounded semiannually,what is the present worth of the property?On May 7, 2021, Jimin Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. PTD agreed to accept one payment of P35,000 on August 15 and a second payment of P35,000 on December 15. PTD had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?
