Chapter 13:
53.Karen makes the following purchases and sales of stock:
Transaction Date Number of Shares Company Price per Share
Purchase 1-1-2011 300 MDG $ 75
Purchase 6-1-2011 150 GRU 300
Purchase 11-1-2011 60 MDG 70
Sale 12-3-2011 200 MDG 80
Purchase 3-1-2012 120 GRU 375
Sale 8-1-2012 90 GRU 330
Sale 1-1-2013 150 MDG 90
Sale 2-1-2013 75 GRU 500
Assuming that Karen is unable to identify the particular lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates?
a. 7-1-2011.
b. 12-31-2011.
c. 12-31-2012.
d. 7-1-2013.
Chapter 15:
31. Use the following data to calculate Chiara’s 2012 AMT base. Chiara files as a single taxpayer.
Taxable income $148,000
Positive AMT adjustments 73,000
Negative AMT adjustments 55,000
AMT preferences 30,000
34. Calculate the 2013 AMT exemption amount for the following cases for a single taxpayer, a married taxpayer filing jointly, and a married taxpayer filing separately.
Case – AMTI:
1 – $150,000
2 – 300,000
3 – 800,000
45. Freda acquired a passive activity this year for $870,000. Gross income from operations of the activity was $160,000. Operating expenses, not including depreciation, were122,000. Regular income tax depreciation of $49,750 was computed underMACRS. AMT depreciation, computed under ADS, was $41,000. Compute Freda’s passive loss deduction and passive loss suspended for regular income tax purposes and forAMT purposes.
0 comments