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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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Describe at least four ways you can take money out of a checking account
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On June 1, 2018, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cos
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=$ 4400

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Under the Macrs depreciation schedule, motor vehicles as assets have a useful life of 5 years. In the first year, the deprecation rate id 20%, followed by 32% in the second year.

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Another term for a checking account is a time deposit.<br> True<br> Or False
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On January 1, 2018, Allgood Company purchased equipment and signed a six-year mortgagenote for $186,000 at 15%. The note will be
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Answer:

The correct answer is A: interest= $21048

Explanation:

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. While each periodic payment is the same amount early in the schedule, the majority of each payment is interest; later in the schedule, the majority of each payment covers the loan's principal.

Each payment is the same ($49,148), but the proportions of interest and capital pay changes. The interest proportion decreases from pay to pay.

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n= 6 years

First pay:

i=186000*0,15=27900

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Second pay:

i=(186000-21248)*0,15=24712

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Third pay:

i=(164752-24436)*0,15=21048

amort=49148-21048=28100

While payments progress, interest decreases and amortization increases.

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3 years ago
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