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77julia77 [94]
3 years ago
9

This year, Linda Moore earned a $112,000 salary and $2,200 interest income from a jumbo Certificate of Deposit.She recognized a

$15,300 capital loss on the sale of undeveloped land. Assume the taxable year is 2016.Compute Linda's AGI and any capital loss carryforward into future years in each of the following cases:a. She also recognized a $10,500 capital gain from the sale of corporate stock.b. She also received a $16,000 capital gain distribution from a mutual fund.c. She had no other capital transactions this year, but has a $17,000 capital loss carryforward from a previous year.
Business
1 answer:
olya-2409 [2.1K]3 years ago
6 0

Answer:

a) salary $112,000

Interest income $2,200

Capital gain on stock -

gross income $114,200

capital gains and losses

capital gain 10,500

capital loss 15,300

Net capital loss = 4800

net loss offset on Gross income = 3000

Net Gross income $111,200

capital loss that is carried forward = $1800

b) salary $112,000

Interest income $2,200

Capital gain on stock -

gross income $114,200

CAPITAL LOSSES/GAINS

capital gain 16000

capital loss 15300

Net Capital gain = 700  

ADD taxable capital gains on Gross income

c) salary $112,000

Interest income $2,200

gross income $114,200

capital losses/ gains

capital loss 15300

capital loss 17000

Total Capital LOSS = $ 32300

Set off against income = (3000)

Losses carried forward =$29300

Explanation:

Capital losses can be offset on normal Gross income but only up to $3000 per year

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Answer: in personam jurisdiction

Explanation: The “long-arm statute,” is a law in majority of states that explains when a court can have in personam jurisdiction over parties who do not reside in that state. Certain conditions must be met for the court to have this jurisdiction. In general, the cause of action should have occurred in the state where the case is being filed; the defendant was personally served with the court papers in the state; or the defendant has a minimum contact with the state.

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Anne’s marginal income tax rate is 32 percent. She purchases a corporate bond for $19,500 and the maturity, or face value, of th
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Answer:

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Explanation:

Given that :

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Interest rate before taxes = 8.8%

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a. When the forces of supply and demand lead to an inefficient outcome: economists call this a market failure.

<h3>What is meant by market failure?</h3>

This is the term that has to do with the state where the market that is an economy can be said to not be working.

b. The question in this category needs us to be able to fill in the details from the question into the empty boxes. Therefore:

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