Shen purchased corporate stock for $48,650 on April 10, 2019. On July 14, 2021, when the stock was worth $29,190, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $34,055 on November 12, 2021. What is the amount and character of Mijo's gain or loss? He has a  $      long term capital gain.   .

Q: Helga had AGI of $135,000 in 2018. She donated corporate stock with a basis of $28,000 to a…

A: Part (a) Basis = $ 28,000; Fair Value = $ 26,000Period of holding: From June 15, 2017 till April 3,…

Q: On October 30, 2019, Tess bought 500 shares of ACTS stock for ₱ 640.00 per share. On November 15,…

A: The gain or loss on the investment can be computed by finding the difference between sales price…

Q: Arnold purchased interests in two limited partnerships 6 years ago. During 2019, Arnold had income…

A: The answer is as fallows

Q: Garth is a shareholder in a calendar year S corporation. At the beginning of 2020, his stock basis…

A: Stock  basis= $20,000 AAA= $4000 AEP=$12000 Distribution received= $17000 Long-term capital gain=…

Q: In 2020, Matt and Rhonda had a capital gain of $6,000 from the sale of stock. They also sold a piece…

A: Capital Gain and Capital Loss: In straightforward terms, the distinction between the selling cost…

Q: During 2019, Tom sold Sears stock for $14,200. The stock was purchased 4 years ago for $19,880. Tom…

A: Net Gain is the difference between selling price and cost. Similarly, net loss is the difference…

Q: After 3 years, Ka Leony sold a painting (capital asset) which he purchased in 2018 at a cost of…

A: Total sale price = 1000+1000+2000+4000+4000 =12000

Q: Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,800 on January 15, 2017. On December…

A: In wash sale, no loss is recognized at the time of the sale.

Q: On May 9, 2019, Calvin acquired 650 shares of stock in Hobbes Corporation, a new startup company,…

A: Solution:- i)Calculation of Ordinary loss as follows under:- According to Section 1244 states that…

Q: In October 2010, Paul acquired 100% of Shasta Corporation common stock by transferring property with…

A: Gross Income: It is the income on which tax liability is estimated

Q: Fiona purchased 200 shares of Oxygon stock for $11 a share on August 11, 2020. On July 28, 2021, the…

A: Answer:-  Capital gain meaning:- The profit earned on the sale of an asset for example, stock, bonds…

Q: Tammy, who is single, purchased 1,000 shares of qualified small business stock in Startup, Inc., in…

A: Qualified Small Business Stock - It is provision 1202, which provides tax benefits to individual who…

Q: Jason inherited a piece of real estate from his father and later sells that real estate for…

A: Gain shall be the difference between sales price and the fair market value on the date of Jason’s…

Q: Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of…

A: Capital loss: When the value of a capital asset, such as an investment or real estate, declines, a…

Q: On April 18, 2020, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September…

A: Gains or losses are told to be "realized" when a stock (or investment) that you own or possess is…

Q: Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent…

A: In Part C, it is been mentioned that we have to assume that the stock sale information was reported…

Q: LO.1, 2, 4 On December 28, 2019, Kramer sells 150 shares of Lavender, Inc. stock for $77,000. On…

A: Wash sales:   A wash sale is a sale of a security (stocks, bonds, options) at a loss and repurchase…

Q: On January 12, 2022, Rica purchased a P2,000,000.00 life insurance policy for P200,000.00. During…

A: Life insurance policy is a contract between an insurance policy holder and an insurance company…

Q: Shen purchased corporate stock for $46,500 on April 10, 2018. On July 14, 2020, when the stock was…

A: Income tax is the amount that is paid by the taxpayers of the country from their different sources…

Q: In 2019, Mr. Jupiter, a nonresident citizen and with one dependent child, had a net capital loss of…

A: The question is based on the concept of charging capital gain in the country of Philippines.

Q: jordan sells 100 shares of TD bank on August 31. She purchased the shares for $500 and sold them for…

A: The taxable income is the earning which is subject to tax that is the taxpayer is liable to pay…

Q: Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent…

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

Q: How much of the October 1, 2020 loss may Tom deduct this year?

A: Loss deduct = purchases - sales Given purchases = 31000 Sales = 10000

Q: On February 4, 2017, Jonathon Cash bought 1,000 shares of Country Corporation stock for $6,800. On…

A: When a security is sold after a holding for a time of 12 months, any profit or loss on sale the…

Q: In 2018, Joshua gave $10,500 worth of XYZ stock to his son. In 2019, the XYZ shares are worth…

A: Shares refer to the equity that represents the ownership interest in the organization. Shares are…

Q: For the year 2021, Enzo is a single taxpayer with the following gains and losses: • $8,900…

A: Calculation of the amount and character of Enzo's gain or loss as follows:-

Q: Dimas owns a parcel of land worth P5,000,000 which he inherited from his father in 2018 when it was…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Nick is the 100% owner of Go Travel, Inc. a calendar year S corporation.  Nick has a $500,000 stock…

A: 1.Taxable income for Nick for 2019 is $100,000 2.His stock basis at the end of 2019 is $200,000…

Q: Maria, Bakka and Osing are the heirs of Jaime who died on September 1, 2019/ The properties of jaime…

A: The inherited rental property will be treated as an investment property by the IRS.

Q: John bought $1,000 shares of intel stock on Oct 18,2016, for $30 per share plus $750 commission he…

A: Adjusted basis =Purchase price +expenses on purchase

Q: d blue corp stock for 10,000 in 2014. Rachel sells the stock to her sister for 2,000 in 2018. In…

A: Taxable gain is profit earned on the selling of shares to other person on the higher prices than the…

Q: D purchased 2,000 units of a private company’s shares for $45,000 in 2020. If he sold the 2,000…

A: Capital gain (loss) = Sales value - Purchase price

Q: Garth is a shareholder in a calendar year S corporation. At the beginning of 2020, his stock basis…

A: The ending balance of share is determined based on the opening balance and it reduces from any…

Q: In 2017, Grant purchased land for $107,550 for use in his business. He sold it in 2020 for $121,150.…

A: Generally, if you hold the asset for more than one year before you dispose of it, capital gain or…

Q: Sadie sold 11 shares of stock to her brother, George, for $600 sixteen months ago. Sadie had…

A: Sadie's brother receives a dual basis in the stock and the loss of $200 is deferred.  When the stock…

Q: n 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he…

A: Here discuss about the details of the capital gains which are derived for received the gifted shares…

Q: Paul sold 200 shares of C Corporation stock on September 3, 2018, for $42 a share. He received the…

A: Sales Vale of Shares =200 shares x $42 = $8,400 Original Cost =200 shares x $10 = $2,000 Value of…

Q: Bruno, an individual, is the sole shareholder of Green Corporation.  On January 1, 2019, Bruno…

A: 1. Calculation of tax implication to Green Corporation.

Q: Dr. Hu owns 1,017 shares of EVKars Ltd. They have an ACB of $28 a share. On August 20,2020 she sells…

A:

Q: On December 28, 2020, Kramer sells 150 shares of Lavender, Inc. stock for $77,000. On January 10,…

A: Please see the next step for the solution

Q: On December 28, 2020, Kramer sells 150 shares of Lavender, Inc. stock for $77,000. On January 10,…

A: Recognized Gain or loss:- It is the profit one makes from selling an asset if the sale value is more…

Q: n June of 2019, Kevin inherits stock worth $125,000. During the year, he collects $5,600 in…

A: Dividend refers to the reward, cash or otherwise that a company give to its shareholders. It can be…

Q: On January 1, 2021, Byrd and Gates own equally (nfty percent (50W) of the stock of Boudreaux…

A: The answer for the multiple choice question and relevant working are presented hereunder : Byrd and…

Q: On November 15, 2019, Tim, a cash basis taxpayer, gave his Daughter Nancy 1000 shares of JP Morgan…

A: Cost per Share for Tim=$60,0001,000=$60 per share. Fair Market Value on Date of Gift=$46 per share…

Q: Alex is a carpenter who purchased a vacant block of land in Sydney on 1 October 1980. On 1 September…

A:

Q: On May 9, 2018, Calvin acquired 600 shares of stock in Hobbes Corporation, a new startup company,…

A: Note: As I can't find the double S that is given before the stock value so I denoted it as "The…

Q: Crystal owns 177 shares of Carson Incorporated stock that has an adjusted basis of $133,635. On…

A: Computation of the above requirements Crystal's realized and recognized gain or loss and adjusted…

Q: John bought 2,100 shares of Intel stock on October 18, 2017, for $52 per share plus a $750…

A: Gain on sale of stock means when sale or realisation value of stock is, more than, cost or adjusted…

Q: Crystal owns 177 shares of Carson Incorporated stock that has an adjusted basis of $133,635. On…

A: Recognized Gain or loss It is important for the entity to recognized the gain or loss while purchase…

Q: Bill and Brittany's father, Stuart, died in January 2021. Under Stuart's will, Stuart gave Bill his…

A: When assets are sold within 2 years from the date of acquisition, it is termed as short term capital…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.