Calculate her taxes paid (ignore net investment income tax) if she elects to exclude preferential rate...

 

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Calculate her taxes paid (ignore net investment income tax) if she elects to exclude preferential rate investment income in "investment income" purposes of calculating investment interest expense ? Calculate her taxable income if she elects to include preferential rate investment income in "investment income" for purposes of calculating investment interest expense. Does she have any carryforwards SHORT ANSWER: 1. Anu has $3,000 of dividend income and $500 of taxable interest income from corporate bonds. On July 1 of this year, Anu purchased a parcel of undeveloped land as an investment for $120,000. She made a $20,000 down payment a financed the rest with a $100,000 loan from her local credit union. The interest rate on the loan was 9% annually, payable at the end of each year. Anu has $14,000 in other itemized deductions and $60,000 in salary from her job. Anu is single with no dependents. a. Calculate her taxable income if she elects to include preferential rate investment income in "investment income" for purposes of calculating investment interest expense. Does she have any carryforwards (2 points)? b. Calculate her taxes paid (ignore net investment income tax) if she elects to exclude preferential rate investment income in "investment income" purposes of calculating investment interest expense (3 points)? Calculate her taxes paid (ignore net investment income tax) if she elects to exclude preferential rate investment income in "investment income" purposes of calculating investment interest expense ? Calculate her taxable income if she elects to include preferential rate investment income in "investment income" for purposes of calculating investment interest expense. Does she have any carryforwards SHORT ANSWER: 1. Anu has $3,000 of dividend income and $500 of taxable interest income from corporate bonds. On July 1 of this year, Anu purchased a parcel of undeveloped land as an investment for $120,000. She made a $20,000 down payment a financed the rest with a $100,000 loan from her local credit union. The interest rate on the loan was 9% annually, payable at the end of each year. Anu has $14,000 in other itemized deductions and $60,000 in salary from her job. Anu is single with no dependents. a. Calculate her taxable income if she elects to include preferential rate investment income in "investment income" for purposes of calculating investment interest expense. Does she have any carryforwards (2 points)? b. Calculate her taxes paid (ignore net investment income tax) if she elects to exclude preferential rate investment income in "investment income" purposes of calculating investment interest expense (3 points)?

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a To calculate Anus taxable income if she elects to include preferential rate investment income in investment income for purposes of calculating inves... View the full answer