on February 18 2022 emma purchased a put option for 500 she did not exercise the option and it expired on June 16 2022 how should this transaction be reported on emmas 2022 return
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- Yasmeen purchases stock on January 30,2018 . If she wishes to achieve a long-term holding period, what is the first date that she can sell the stock as a long-term gain? January 20,2019 January 31,2019 February 1,2019 July 31,2018 July 30,2018Yousuf was granted a loan of GBP 9800 by his employer on 1 may, 2019 to help finance the purchase of an asset. Interest is payable on the loan at 1.5% p.a. On 1 June 2019, Yousuf repaid GBP 5000. The remaining was still outstanding on 5 April 2020. Calculate taxable benefita. NILb. 5000c. None of the above optionsd. 4800What is a Capital Asset?, Holding Period, and Calculation of Gain or Loss (LO 4.1, 4.2, 4.3) Martin sells a stock investment for $26,000 on August 2, 2021. Martin's adjusted basis in the stock is $15,000. a. If Martin acquired the stock on November 15, 2019, calculate the amount and the nature of the gain or loss. $1 Long-term capital gain b. If Martin had acquired the stock on September 10, 2020, calculate the amount and nature of the gain or loss. Short-term capital gain
- 7. X invited Y to a partnership interest in his business. Accounts in the ledger of X on January 1, 2020, before the admission of Y, show the following: Cash-P208,000; Accounts receivable-P460,000; Inventory P1,440,000; Accounts payable-P496,000. It is agreed that for the purpose of establishing the interest of X, the following adjustments shall be made: a) an allowance for bad debts of 8% based on the outstanding accounts receivable is to be established. b) the inventory is to be valued at P1,000,000 c) Prepaid expenses of P72,000 and accrued expenses of P32,000 are to recognized. Y is to invest sufficient cash for a one-third interest in the partnership. How much is the adjusted capital of Y?Problem 13-84 (LO. 8, 9) Karl purchased his residence on January 2, 2019, for $260,000, after having lived in it during 2018 as a tenant under a lease with an option to buy clause. On August 1, 2020, Karl sells the residence for $315,000. On June 13, 2020, Karl purchases a new residence for $367,000. If an amount is zero, enter "0". a. What is Karl's recognized gain? His basis for the new residence?Karl's recognized gain is $fill in the blank aa8a5403c02a012_1, and his basis for the new residence is $fill in the blank aa8a5403c02a012_2. b. Assume that Karl purchased his original residence on January 2, 2018 (rather than January 2, 2019). What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $fill in the blank f8cfe3ffcff0ffc_1, and his basis for the new residence is $fill in the blank f8cfe3ffcff0ffc_2. c. In part (a), what could Karl do to minimize his recognized gain?To minimize his recognized gain, he can continue to…LO.7 On October 1, 2019, Priscilla purchased a business. Of the purchase price, 60,000 is allocated to a patent and 375,000 is allocated to goodwill. Calculate Priscillas 2019 197 amortization deduction.
- What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?In October 2018, Ben and Jerry exchange investment realty in a § 1031 like-kind exchange. Ben bought his real estate in 2007 while Jerry purchased his in 2010. In addition to the realty, Ben receives Pearl, Inc. stock worth $10,000 from Jerry. Ben’s realized gain is $30,000. On what date does the holding period for Ben’s realty received from Jerry begin? When does the holding period for the stock he receives begin? 2007, 2018. 2007, 2007. 2010, 2010. 2010, 2018. None of the above.Nadine bought 100 shares of oak stock for $30 a share on april 30 2019 on july the 1st 2020 she noticed that the stock had increased in value to 35 a schare she decided to sell her share Nadine only other incomr for the year consists of 65000 in wages she will claim standard deduction when she filies her return . Nadine revenues from sales of stocj will increase her taxable income by 500 and this 500 will be taxed at a capital gsin rate of 15% 500 and the 500 will be taxed at her regular marginal tax rate of 22% 3500 and this 3500 will be tax at a capital gain rate of 20% 3500 and this will be taxed at her regular marginal rate of 22%
- On 1 July 2019 Melissa acquired an antique Camel statue for $300 which she kept in the hallway of her house. O 1 December 2020 she sold it for $4,300 Required Calculate the Net Capital Gain, if any, to be included as Melissa's assessable income for the year ending 30 June 2021 For all answers (unless otherwise indicated), please round your answer to the nearest dollar and use numerals only eg 9999On May 9, 2019, Glenna purchases 500 shares of Ignaz Company stock for 7,500. On June 30, 2019, she writes a call option on the stock, giving the grantee the right to buy the stock for 9,000 during the following 12-month period. Glenna receives a call premium of 750 for writing the call. The call is exercised by the grantee on December 15, 2019. a. What is the amount and character of Glennas gain or loss? b. Assume that the original option expired unexercised. What is the amount and character of Glennas gain or loss?
