Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2022, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses for 2022. 3,000 ✓ Feedback Check My Work b. Calculate the amount and nature of his capital loss carryforward. X Long-term capital loss carryforward 0 ✓ Short-term capital loss carryforward
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- Problem 4-6Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2019, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2019.$ b. Calculate the amount and nature of his capital loss carryforward.$ Long-term capital loss carryforward$ Short-term capital loss carryforward c. For how long may Michael carry forward any long-term unused loss?Problem 4-6 Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2021, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2021. 3,000 Feedback b. Calculate the amount and nature of his capital loss carryforward. $1 43,300 x Long-term capital loss carryforward o v Short-term capital loss carryforward Feedback c. For how long may Michael carry forward any long-term unused loss? IndefinitelyQuestion 8 of 15. A taxpayer is no longer eligible to claim the EIC if they have more than $3,250 $5,000 $10,000 $10,300 Mark for follow up of investment income in 2022. 4
- Accounting 1. Sally has the following for 2021: a $12,000 § 1245 gain a $38,000 § 1231 gain a $36,000 § 1231 loss a $2,000 § 1231 lookback loss a $18,000 long-term capital gain a $3,500 long-term capital loss. a. Determine her ordinary gain or loss amount for 2021. Enter an absolute amount. b. Determine her LTCG or LTCL amount for 2021. Enter an absolute amount. 23. Molly exchanges a rental building, which has an adjusted basis of $625,000, and FMV of $715,000 for another rental house which has a fair market value of $565,000. She also receives $150,000 in cash. What is the recognized gain or loss the new rental house?In 2023, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0." Question Content Area a. Calculate the amount of Michael's deduction for capital losses for 2023.fill in the blank 1 of 1$ Feedback Area Feedback If a taxpayer has a net capital gain (net long-term capital gain in excess of net short-term capital loss), the gain is subject to a preferential tax rate. Thus, a taxpayer has to net all of the long-term and short-term capital transactions that take place during a year to calculate the tax liability. The computation of an individual taxpayer's net capital loss is accomplished in a manner similar to the computation of a net capital gain. A net capital loss is incurred when the total capital losses for the period exceed the total capital gains for the period. However, there is a limitation regarding the amount of net capital losses a…Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00
- Question 16 In 2020, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len: a. Adjusted gross income b. Standard deduction c. Taxable income d. Tax liability e. Explain the tax treatment of the loss from the stock sale Problem 4-14 Net Operating Losses (LO 4.9) Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,550 in 2021. a. Calculate Julie's taxable income or loss. loss b. Calculate the business and nonbusiness portions of her taxable income or loss. Business: loss Nonbusiness: loss c. Determine Julie's 2021 NOL.alculate his taxable income for the year. Assume that Blake has a non-capital loss carryforward from last year of $5,000. Problem 4 ITA: 3, 111 The following information has been provided by your client, Mr. Stanley Norman: Employment income Property income (loss) Capital gains (CG) Capital losses (CL) (excluding BIL). Business investment loss (BIL) 2020 2021 $75,000 2022 $80,000 $ 90,000 (4,000) 3,000 (6,000) 144,000 160,000 18,000 22,500 80,000 36,000 54,000 Additional Information (1) The above capital gains do not include capital gains from qualified farm property or qualified small business corporation shares. (2) Mr. Norman had a $21,000 net capital loss which was realized in 2017. (3) Mr. Norman did not have a capital gain prior to 2020. Dealing with each item line-by-line across the years, rather than one year at a time: (A) determine Mr. Norman's income from the sources indicated for 2020 to 2022 according to the ordering rules in section 3, and (B) determine Mr. Norman's…
- Problem 2-30 Alimony (LO 2.13) Arlen is required by his 2022 divorce agreement to pay alimony of $2,000 a month and child support of $2,000 a month to his ex-wife Jane. What is the tax treatment of these two payments for Arlen and Jane? Arlen is entitled to a deduction for Jane includes in her incomeS Mutiple Choice Max a single taxpayer has a $280,000 loss from his sole proprietorship in 2022. How much of this loss is not deductible after considering the excess business loss rules? $280.000 $270,000 $10,000 None of the choices are confect save & ExtCase Study 1 Other Information 0 Question 6/10 In February of 2023, during the preparation of Julia's 2022 return, you explained to her the options for using either the section 179 deduction or special depreciation for the purchases of her 2022 assets. In her first few years in business, she was learning so much, depreciation was too confusing for her. When you showed her the tax savings she would receive to benefit her for 2022, she understood how this might change her choices for additional larger assets she may purchase in 2023. If Julia decided to use special depreciation for the assets purchased in 2022, Julia's refund would increase by what amount? $3,200 $571 $1,044 $757 Want to review the scenario? At any time, select the "?" button in the screen to display the initial prompt. Back Next Julia J Julia Jimenez, Owner Hav A Java At