1. William and Kate file their federal individual income tax return as a married filing joint. Their 2020 income tax facts are:

William’s wages: $200,000

Kate’s wages: 240,000

Long-term capital loss from sale of windsor, inc stock (68,000)

Sec. 1231 gain from UK Partnership (Passive Activity) 12,000

Short-term capital gain from sale of Prince albert Corp 29,500

Ordinary loss from Princes Partnership (31,000)

*Kate owns the Princes Partnership interest. Her at-risk investment in the partnership was $35,000 at the end of 2019. Kate is material participant in the Princes Partnership

What is William’s and Kate’s gross income for 2020? Show computations

Answer rating: 100% (QA)

The Gross eome of williann and Kate is of Panti alars Incone fm Comput... View the full answer