Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children.

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Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2017. Phil does not work due to a disability, but he is a buyer and seller of stocks. He generally buys and holds for long-term gain, but occasionally gets in and out of a stock quickly. The couple?s 2017 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.image

a. What is Phil and Susan?s AGI?b. Complete a Form 8949 for the Hammonds (Phil?s Social Security number is 123-45-6789). Assume that the stock sale information was reported to die Hammonds on a Form 1099-B and that basis information was provided to the IRS.

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South-Western Federal Taxation 2019 Comprehensive

ISBN: 9781337703017

42th Edition

Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young

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