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Author Question: Billy, age 10, found an old baseball glove while exploring his new home. His father, Al, took the ... (Read 89 times)

crazycityslicker

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Question 1

Betty is a single retiree who receives Social Security benefits of $12,000, tax-exempt interest of $4,000 and a taxable pension.  Determine the amount of taxable Social Security benefits assuming her annual pension is
a. $10,000.
b. $20,000.
c. $50,000.

Question 2

Billy, age 10, found an old baseball glove while exploring his new home.  His father, Al, took the glove to a dealer in baseball memorabilia who verified that the glove belonged to Babe Ruth.  Al sold the glove for $75,000.  What tax issues should Al consider?


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Marked as best answer by crazycityslicker on Sep 13, 2020

bhavsar

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crazycityslicker

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Reply 2 on: Sep 13, 2020
Excellent


raenoj

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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