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Author Question: Maya expects to report about $2 million of AGI and $1.7 million of taxable income. Her AGI is ... (Read 159 times)

newbem

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on: Sep 13, 2020

Question 1

Kendrick, who has a 33% marginal tax rate, had the following results from transactions during the year:



After offsetting the STCL, what is (are) the resulting gain(s)?
◦ $16,000 collectibles gain, $8,000 LTCG
◦ $20,000 collectibles gain, $4,000 LTCG
◦ $24,000 LTCG
◦ $20,000 collectibles gain, $8,000 LTCG

Question 2

Maya expects to report about $2 million of AGI and $1.7 million of taxable income. Her AGI is composed of $1.25 million of salary, and the balance is investment income. Maya is thinking about selling some stock before year-end. She purchased the stock three years ago and expects to recognize a $500,000 gain. How much federal tax will she pay in total on the stock gain?
◦ $119,000
◦ $100,000
◦ $75,000
◦ $198,000
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by newbem on Sep 13, 2020

Li Jun

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Reply #1 on: Sep 13, 2020
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newbem

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

lindahyatt42

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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