Respond to the following independent situations: a. Jacob is a single taxpayer who has net investment income
Question:
Respond to the following independent situations:
a. Jacob is a single taxpayer who has net investment income consisting of $10,000 interest on a certificate of deposit, $5,000 from dividends from a mutual fund, $5,000 from capital gain distributions from mutual funds, and $40,000 in long-term capital gains from selling some stocks, and his modified MAGI is $190,000.
(1). How much in surtax will Jacob be assessed on his Form 1040 for 2019?
b. Jacob is a single taxpayer who has net investment income consisting of $10,000 interest on a certificate of deposit, $5,000 from dividends from a mutual fund, $5,000 from capital gain distributions from mutual funds, and $40,000 in long-term capital gains from selling stocks and his modified MAGI is $250,000.
(1). How much in surtax will Jacob be assessed on his Form 1040 for 2019?
c. Jacob is a single taxpayer who has net investment income consisting of $30,000 in interest on a certificate of deposit, $15,000 from dividends from a mutual fund, $15,000 from capital gain distributions from mutual funds, and $40,000 in long-term capital gains from selling some stocks and his modified MAGI is $300,000.
(1). How much in surtax will Jacob be assessed on his Form 1040 for 2019?
StocksStocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...
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Fundamentals Of Taxation 2020 Edition
ISBN: 9781260483147
13th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
