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Paul [167]
3 years ago
15

On February 20 , 2018, Bill purchased stock in Pink Corporation (the stock is not small business stock) for $1,000. On May 1, 20

19, the stock became worthless. During 2019, Bill also had an $8,000 loss on § 1244 small business stock purchased two years ago, a $9,000 loss on a nonbusiness bad debt, and a $5,000 long-term capital gain. How should Bill treat these items on his 2019 tax return?
Business
1 answer:
weeeeeb [17]3 years ago
6 0

Answer:

$8,000 ordinary loss and $3,000 short-term capital loss

Ordinary loss (Small business stock) ($8,000)

Long-term capital gain $5,000

- Long-term capital loss (Worthless securities)

(1,000)

Net long-term capital gain $4,000

- Short-term capital loss (Nonbusiness bad debt)

(9,000)

Net short-term capital loss ($5,000)

Short-term capital loss limited to ($3,000)

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2 years ago
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6 0
2 years ago
A company issued 5%, 20-year bonds with a face amount of $100 million. The market yield for bonds of similar risk and maturity i
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Answer:

The bond was sold at $1,136.78.

Explanation:

Annual coupon = Bond face value * Coupon rate = $1000 * 5% = $50

Annual coupon discount factor = ((1 - (1 / (1 + r))^n) / r) .......... (1)

Where;

r = semi-annul interest rate = 4% / 2 = 2%, or 0.02

n = number of period = 20 years * Number of semiannuals in a year = 20 * 2 = 40 semi-annuals

Substituting the values into equation (1), we have:

Annual coupon discount factor = ((1-(1/(1 + 0.02))^40)/0.02) = 27.3554792407382

Present value of coupon = (Annual coupon * Annual coupon discount factor) / 2 = ($50 * 27.3554792407382) / 2 = $683.886981018455

Present value of the face value of the bond = Face value / (1 + r)^n = $1,000 / (1 + 0.02)^40 = $452.890415185236

Therefore, we have:

Price of bond = Present value of coupon + Present value of the face value of the bond = $683.886981018455 + $452.890415185236 = $1,136.77739620369

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Therefore, the bond was sold at $1,136.78.

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3 years ago
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