1.Alan sold two securities in 2011: Purchased Sold Basis Sales price MASH 1-1-20
ID: 2385542 • Letter: 1
Question
1.Alan sold two securities in 2011:Purchased Sold Basis Sales price MASH 1-1-2010 5-10-2011 $10,000 $12,000
KMZ 12-2-2010 9-22-2011 $5,000 $4,000 Alan has a 25% marginal tax rate. What is the additional tax resulting from the above sales?
2.Tom has two transactions involving the sale of capital assets during the year resulting in a STCL of $5,200 and LTCL of $2,400. As a result, Tom can offset
A) $5,200 of ordinary income and have a LTCL carryforward of $2,400.
B) $3,000 of ordinary income and have a $4,600 STCL carryforward.
C) $3,000 of ordinary income and have a $2,200 STCL carryforward and $2,400 LTCL carryforward.
D) $7,600 of ordinary income.
3.Alex and Michelle have two children, ages 13 and 10. Their modified AGI is $120,500.What is their child tax credit?
4.Timothy and Alice, who are married with modified AGI of $90,000, are sending their daughter to her first year of college. Their total tuition and related payments during the year amounted to $13,000. In addition, their daughter received a $10,000 scholarship to cover tuition. They have not taken advantage of any other type of tax benefit related to educational expenses. What is their American Opportunity Tax credit?
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