Paul owns several other investments and received the following information reports for the current tax year: Form
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- Paul owns several other investments and received the following information reports for the current tax year:
Form 1009-Div:
General Dynamics - Gross qualified dividends - $600
Form 1099-Int
New Jersey Economic Development bonds - Gross interest - $300
IBM bonds - Gross interest - $600
State of Nebraska bonds - Gross Interest - $200
- In addition to the investments discussed above, Paul owns 1,000 shares (1%) of Grubstake Mining & Development common stock. Grubstake is organized as an S corporation and has 100,000 shares outstanding. Grubstake reported taxable income of $200,000 and paid a distribution of $1.00 per share during the current year. Paul does not materially participate in Grubstake's activities.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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