Hiroshi and Val are lifelong California residents and the best of friends. In Year 1, Hiroshi buys
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Hiroshi and Val are lifelong California residents and the best of friends. In Year 1, Hiroshi buys $30,000 worth of stock in North Texas Home Exteriors, Inc. In the same year, Val sells her 1976 Ford Mustang convertible for $9,000. In Year 2, Hiroshi and Val get married. Both remain California residents. In Year 3, the North Texas Home Exteriors stock pays dividends of $500. Hiroshi makes $90,000 from his job in California. Val makes $72,000 from her job in California and $48,000 on business trips to Idaho. Val inherits $30,000 from a rich uncle.
How much community income do Hiroshi and Val have for Year 3?
Related Book For
Concepts In Federal Taxation 2017
ISBN: 9781305965119
24th Edition
Authors: Kevin E. Murphy, Mark Higgins
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