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simple tax cases

by | Jul 10, 2020 | QUESTIONS & ANSWERS

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Homework
At the beginning of the year, Calvin paid $5,000 for 60 shares of Eddington stock. In June, he received a $300 cash distribution with respect to the stock. His Form 1099-DIV reported that $170 was an ordinary dividend and $130 was nontaxable. Compute Calvin’s tax basis in his 60 shares at year-end. 
Mr. Gordon, a resident of Pennsylvania, paid $20,000 for a bond issued by Delaware. This year, he received $800 of interest on the bond. His marginal state tax rate is 7%, and under Pennsylvania law, interest on debt obligations issued by another state is taxable. Mr. Gordon can deduct state income tax on his federal return, and his marginal federal tax rate is 35%. Computer his after-tax rate of return on the bond. 
Emil Nelson paid $174,500 for an annuity that will pay him $1,300 per month for life. Based on Emil’s age, his expected return is $405,813. This year, Emil received 12 payments totaling $15,600. How much of this total is taxable income? 
4.) In 2010, Mrs. Owens paid $50,000 for 3,000 shares of a mutual fund and elected to reinvest dividends in additional shares. In 2010 and 2011, she received Form 1099s reporting the following.
Reinvested dividends
Shares purchased
Price per share
Total shares owned
2010
$4,800
240
$20
3,240
2011
$3,150
150
$21
3,390
If Mrs. Owens sells 1,000 shares in 2012 for $22 per share and uses the average basis method, compute her recognized gain. 
Tom Johnson, whose marginal tax rate on ordinary income is 35%, sold four investment assets resulting in the following capital gains and losses.    How much of Tom’s net capital gain is taxed at 15%? 
Ms. Kerry, who itemized deductions on Schedule A, paid $15,000 interest on funds borrowed to acquire taxable bonds. She also paid $660 of management fees that were fully deductible on Schedule A. Her AGI is $100,000, which includes $19,700 of interest income. How much of the interest expense can she deduct? 
19040
Mr. and Mrs. Shohler received $25,200 Social…

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