Question: pls help Problem 7-49 (LO 7-2) (Algo) In 2020, Tom and Amanda Jackson (married filing jointly) have $292,000 of taxable income before considering the following
Problem 7-49 (LO 7-2) (Algo) In 2020, Tom and Amanda Jackson (married filing jointly) have $292,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12. 2020, they sold a painting (art) for $121,500 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $95,750 and Grandma's adjusted basis of the painting was $27,300. b. They applied a long-term capital loss carryover from 2019 of $11,150. c. They recognized a $12,575 loss on the 11/12020 sale of bonds (acquired on 5/12/2010). d. They recognized a $4,690 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e. They recognized a $19,760 gain on the 10/17/2020 sale of rental property (the only $1231 transaction), of which $9,840 is reportable as gain subject to the 25 percent maximum rate and the remaining $9.920 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2014). f. They recognized a $13,150 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020). 9. They recognized a $7,575 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011). h. They recognized an $12,150 loss on the 6/13/2020 sale of QulkCo stock (acquired on 3/20/2013). 1. They received $960 of qualified dividends on 7/15/2020 After completing the required capital gains netting procedures, what will be the Jacksons' 2020 tax liability? (Do not round Intermediate calculations.) Total tax liablety 13 W D)
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