Christina, who is single, purchased 200 shares of Apple Incorporated (Nasdaq: AAPL) stock several years ago for $11,400. During her year-end tax planning, she decided to sell 100 shares of Apple for $5,200 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 100 shares (cost of $5,400) of Apple back before prices skyrocket. Note: Leave no answers blank. Enter zero if applicable. b. Assume the same facts, except that Christina repurchased only 50 shares for $2,700. What is Christina's deductible loss on the sale of 100 shares? What is her basis in the 50 new shares? Deductible loss Basis
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- Sheila’s mother purchased 100 shares of Apple stock in 1992. The original sale price was $26 per share for a total value of $2,600. She kept those 100 stocks until her death in June 2022. By the time of her death, the Apple stock value is $190 per share for a total value of $19,000. Sheila will not owe taxes for capital gains on the $16,400 increase in value. Why do you think the gains and losses should be separated from sheila's other gains and losses?Christina, who is single, purchased 460 shares of Apple Inc. stock several years ago for $20,240. During her year-end tax planning, she decided to sell 230 shares of Apple for $8,970 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 230 shares (cost of $9,430) of Apple back before prices skyrocket. (Leave no answers blank. Enter zero if applicable.) a. What is Christina's deductible loss on the sale of 230 shares? What is her basis in the 230 new shares?Abby purchased 100 shares of her father’s favorite stock for $27 per share exactly 1 year ago, commission free. She sold it today for a total amount of $3225. She plans to invest the entire amount in a different corporation’s stock today, but she must now pay a $45 commission fee. If she plans to sell this new stock exactly 1 year from now and realize the same return as she has just made, what must be the total amount she receives next year? Include the commission fee as a part of the purchase price, but neglect any tax effects.
- ! Required information [The following information applies to the questions displayed below.] Christina, who is single, purchased 100 shares of Apple Incorporated stock several years ago for $3,500. During her year-end tax planning, she decided to sell 50 shares of Apple for $1,500 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 50 shares (cost of $1,600) of Apple back before prices skyrocket. Note: Leave no answers blank. Enter zero if applicable. b. Assume the same facts, except that Christina repurchased only 25 shares for $800. What is Christina's deductible loss on the sale of 50 shares? What is her basis in the 25 new shares? Deductible loss BasisAshley begins a very successful graphic design company on January 10, 2021. She decides not to incorporate and remains a sole proprietor, earning $80,000 in net business income. In the past she has never had business income, and is wondering if this will change, when she has to file her taxes. Her net tax owing in 2010 was $4,100 and in 2020 was $3,200. She expects her net owing in 2021 to be around $3,500 Required: Explain to Ashley if she will have to pay instalments? Explain to her whether instalments are required, and if applicable, why. 1 A BIG Provide your answer here: 1. 9-Kathy Myers frequently purchases stocks and bonds, but she is uncertain how to determine the rate of return that she is earning. For example, three years ago she paid $23,500 for 1,030 shares of Malti Company's common stock. She received a $917 cash dividend on the stock at the end of each year for three years. At the end of three years, she sold the stock for $21,000. Kathy would like to earn a return of at least 8% on all of her investments. She is not sure whether the Malti Company stock provided a 8% return and would like some help with the necessary computations. Click here to view Exhibit 7B-1 and Exhibit 7B-2, to determine the appropriate discount factor(s) using tables. Required: 1. Compute the net present value that Kathy earned on her investment in Malti Company stock. 2. Did the Malti Company stock provide a 8% return? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the net present value that Kathy earned on her investment in…
- Kathy Myers frequently purchases stocks and bonds, but she is uncertain how to determine the rate of return that she is earning. For example, three years ago she paid $25,000 for 1,200 shares of Malti Company’s common stock. She received a $1,032 cash dividend on the stock at the end of each year for three years. At the end of three years, she sold the stock for $24,000. Kathy would like to earn a return of at least 13% on all of her investments. She is not sure whether the Malti Company stock provided a 13% return and would like some help with the necessary computations. Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables. Required: 1. Compute the net present value that Kathy earned on her investment in Malti Company stock. 2. Did the Malti Company stock provide a 13% return?Mac’s 24-year-old daughter, Alana, is a full-time student. In 2018, Mac gives Alana 600 shares of Highgrowth stock. Mac purchased the stock 10 months ago at $20 per share. On the gift date, the stock is worth $35 per share. After the gift, Highgrowth declares and pays a $170 dividend to Alana. The next month, Alana sells her 600 shares for $38 per share. Mac and Alana are in the 32 and 12 percent marginal tax brackets for ordinary income and in the 15 and 0 percent tax brackets for dividend income, respectively. a. How much must Alana and Mac include in gross income in 2018? b. What family tax savings are achieved through this gift? (Round answer to 2 decimal places, e.g. 52.75.)Kathy Myers frequently purchases stocks and bonds, but she is uncertain how to determine the rate of return that she is earning. For example, three years ago she paid $27,000 for 1,010 shares of Malti Company's common stock. She received a $879 cash dividend on the stock at the end of each year for three years. At the end of three years, she sold the stock for $25,000. Kathy would like to earn a return of at least 7% on all of her investments. She is not sure whether the Malti Company stock provide a 7% return and would like some help with the necessary computations. Required: Compute the net present value that Kathy earned on her investment in Malti Company stock. Did the Malti Company stock provide a 7% return?
- wilma just sold all the shares of international inns stock that she owned for $156 per share. she purchased the stock one year ago for $150 per share. ifwilma did not recieve any dividend payments during the year, what yeild did she earn on her investment?Sam owns 1,500 shares of Eagle, Inc. stock that he purchased over 10 years ago for $80,000. Although the stock has a current market value of $52,000, Sam still views the stock as a solid long-term investment. He has sold other stock during the year with overall gains of $30,000, so he would like to sell the Eagle stock and offset the $28,000 loss against these gains—but somehow keep his Eagle investment. He has devised a plan to keep his Eagle investment by using funds in his traditional IRA to purchase 1,500 Eagle shares immediately after selling the shares he currently owns. Evaluate Sam’s treatment of these stock transactions. Can his plan work?Joseph Jones, a manager at Computer Science, Inc. (CSI), received 10,000 shares of company stock as part of his compensation package. The stock currently sells at $40 a share. Joseph would like to defer selling the stock until the next tax year. In January, however, he will need to sell all his holdings to provide for a down payment on his new house. Joseph is worried about the price risk involved in keeping his shares. At current prices, he would receive $400,000 for the stock. If the value of his stock holdings falls below $350,000, his ability to come up with the necessary down payment would be jeopardized. On the other hand, if the stock value rises to $450,000, he would be able to maintain a small cash reserve even after making the down payment. Joseph considers three investment strategies:a. Strategy A is to write January call options on the CSI shares with strike price $45. These calls are currently selling for $3 each.b. Strategy B is to buy January put options on CSI with…