Business, 22.02.2021 19:00 Worksmarter1703
Determine the taxpayer's gross income for tax purposes in each of the followng situations:
a. Deb, a cash basis taxpayer, traded a corporate bond with accrued interest of $300 for corporate stock with a fair market value of $12,000 at the time of the exchange, Deb's cost of the bond was $10,000. The Value of the stock had decreased to $11,000 by the end of the year.
b. Deb needed $10,000 to make a don payment on her house. She instructed her broker to sell some stock to raise the $10,000. Deb's cost of the stock was $3,000. Based on her broker's advise, instead of selling the stock, she borrowed the $10,000 using the stock as collateral for the debt.
c. Deb's boss gae her two tickets to the Rabid Rabbits rock concert because she met her sales quota. At the time she received the tickets, each ticket had a face price of $200 and was selling on eBay for $300. On the date of the concert, the tickets were selling for $250 each. Deb and her son attended the concert.
Answers: 2
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You are buying a $62,000 house for 10% down, with the rest financed at 11 3/4% for 30 years with fixed monthly payments of $563.25. at the end of 4 years, you sell the house. how much do you owe on the loan?
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Determine the taxpayer's gross income for tax purposes in each of the followng situations:
a. Deb,...
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