Question 1: (Please explain your answer) (Please note all questions are for USA Federal Income Taxation) In
Question:
Question 1: (Please explain your answer) (Please note all questions are for USA Federal Income Taxation)
In 2021, Ben has the following capital transactions:
LTCG $7,000
LTCG 6,000
STCG 5,000
STCL 10,000
After the netting process, the following results:
A. LTCG of $13,000 and a STCL carryover to 2022 of $3,000
B. LTCL of $8,000
C. LTCL of $5,000
D. LTCG of $13,000 and a STCG of $5,000
E. LTCG of $8,000
Question 2: (Please explain your answer) (Please note all questions are for USA Federal Income Taxation)
Julia, age 15, is claimed as a dependent by her father. During 2021, Julia received $1,500 in dividends. Her standard deduction is $1,850 ($1,500 + $350).
True or False
Question 3: (Please explain your answer) (Please note all questions are for USA Federal Income Taxation)
Our tax laws generally encourage taxpayers to keep investment assets that have decreased in value and sell investment assets that have increased in value.
True or False
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman