Question

Peter Piper, a single taxpayer, had the following transactions during 2019: -Salary $50,000.00 -Net rental income...

Peter Piper, a single taxpayer, had the following transactions during 2019:

-Salary $50,000.00

-Net rental income of $30,000.00

-Interest from bank accounts $1,000.00

-Sold 60 shares of Troy Corporation common stock on March 22, 2019, for $660.00. The stock was purchased on January 31, 2018 for $7.00 per share.

-Sold family gemstones held for three years for $10,000.00. The gemstones had a cost and basis of $7,800.00.

-He had itemized deductions of $14,000.00 and no dependents.

What is Peter’s taxable income?

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Answer #1
Particulars Amount
Salary                50,000
Rent                30,000
Interest                   1,000
Troy stock sale gain                      240
Gem stone sale gain                   2,200
Itemized deductions               (14,000)
Taxable income                69,440

Answer is:

69,440

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