Question

Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of...

Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years:

Date Purchased Shares Basis
7/10/2009 610 $ 31,110
4/20/2010 510 28,968
1/29/2011 710 31,666
11/02/2013 460 23,092

If Dahlia sells 1,430 shares of Microsoft for $101,530 on December 20, 2019, what is her capital gain or loss in each of the following assumptions? (Do not round intermediate calculations.)

b. She uses the specific identification method and she wants to minimize her current year capital gain.

Captial Gain: ______

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of...
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: Date Purchased Shares Basis 7/10/2009 620 $ 32,240 4/20/2010 520 30,056 1/29/2011 720 32,832 11/02/2013 470 24,064 If Dahlia sells 1,460 shares of Microsoft for $105,120 on December 20, 2019, what is her capital gain or loss in each of the following assumptions? (Do not round intermediate calculations.) a. She uses the FIFO method. b. She uses the...
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of...
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: Date Purchased Shares Basis 7/10/2009 400 $ 12,000 4/20/2010 300 10,750 1/29/2011 500 12,230 11/02/2013 250 7,300 If Dahlia sells 800 shares of Microsoft for $40,000 on December 20, 2019, what is her capital gain or loss in each of the following assumptions? (Do not round intermediate calculations.) a. She uses the FIFO method. Capital Gain or Capital...
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of...
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: If Dahlia sells 800 shares of Microsoft for $40,000 on December 20, 2018, what is her capital gain or loss if she uses the specific identification method and wants to minimze her capital gain? Microsoft common stock Date Purchased Shares Basis 7/10/2008 400 $12,000 4/20/2009 300 $10,500 1/29/2010 500 $12,230 11/02/2012 250 $7,300
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of...
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: Date Purchased Shares Basis 7/10/2010 570 $ 26,790 4/20/2011 470 24,816 1/29/2012 670 27,202 11/02/2014 420 19,404 If Dahlia sells 1,310 shares of Microsoft for $87,770 on December 20, 2020, what is her capital gain or loss in each of the following assumptions? (Do not round intermediate calculations.) a. She uses the FIFO method.
Problem 7-42 (LO 7-2) [The following information applies to the questions displayed below.] Dahlia is in...
Problem 7-42 (LO 7-2) [The following information applies to the questions displayed below.] Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: Date Purchased Shares Basis 7/10/2009 430 $ 14,190 4/20/2010 330 12,804 1/29/2011 530 14,098 11/02/2013 280 9,016 If Dahlia sells 890 shares of Microsoft for $47,170 on December 20, 2019, what is her capital gain or loss in each of the following assumptions? (Do not...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indicated by a minus sign.) Description Date Purchased Basis Date Sold Amount Realized Stock A 1/23/1995 $ 7,250 7/22/2019 $ 4,500 Stock B 4/10/2019 14,000 9/13/2019 17,500 Stock C 8/23/2017 10,750 10/12/2019 15,300 Stock D 5/19/2009 5,230 10/12/2019 12,400 Stock E 8/20/2019 7,300 11/14/2019 3,500 What is Grayson’s net short-term capital gain or loss from these transactions? What...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indicated by a minus sign.) Description Date Purchased Basis Date Sold Amount Realized Stock A 1/23/1995 $ 7,250 7/22/2019 $ 4,500 Stock B 4/10/2019 14,000 9/13/2019 17,500 Stock C 8/23/2017 10,750 10/12/2019 15,300 Stock D 5/19/2009 5,230 10/12/2019 12,400 Stock E 8/20/2019 7,300 11/14/2019 3,500 a. What is Grayson’s net short-term capital gain or loss from these transactions?...
On August 27, 2019, Ms. Bubkeh sold 250 shares of Hundt Ltd., a public corporation, for...
On August 27, 2019, Ms. Bubkeh sold 250 shares of Hundt Ltd., a public corporation, for $20 per share. Her trading history in these shares was as follows: May 24, 1999— purchased 130 shares @ $26 per share June 30, 1999 — purchased 170 shares @ $31 per share Aug. 20, 2000 — received a 5% stock dividend, with each share received having a paid-up capital value of $25 Oct. 31, 2001 — purchased 300 shares @ $29 per share...
Australian tax laws PART A Your line manager, Ahmed, has sent you the following email late...
Australian tax laws PART A Your line manager, Ahmed, has sent you the following email late on Wednesday just as you are about to finalise your timesheet and head to a monthly tax-update webinar: From: Ahmed Sent: Wednesday, 16 September 2020, 3:58PM Subject: URGENT: Lisa Eastwood meeting scheduled, task assigned Good afternoon, I have just spoken with Lisa Eastwood (new client) over her tax position for the current tax year. I will be getting further documentation tomorrow; however, I need...
Tax Preparation Problem Use the following information to complete Phillip and Claire Dunphy’s 2016 federal income...
Tax Preparation Problem Use the following information to complete Phillip and Claire Dunphy’s 2016 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. Ignore the alternative minimum tax for this problem. Any required forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT