Reference no: EM131285030
In 2016, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events:
Complete the required capital gains netting procedures and calculate the Jacksons' 2016 tax liability.
On May 12, 2016, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2014. The fair market value on the date of Grandma's death was $90,000 and Grandma's adjusted basis of the painting was $25,000.
Applied a long-term capital loss carryover from 2015 of $10,000.
Recognized a $12,000 loss on 11/1/2016 sale of bonds (acquired on 5/12/2006).
Recognized a $4,000 gain on 12/12/2016 sale of IBM stock (acquired on 2/5/2016).
Recognized a $17,000 gain on the 10/17/2016 sale of rental property (the only §1231 transaction) of which $8,000 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,000 is subject to the 10/15/20 percent maximum rates (the property was acquired on 8/2/2010).
Recognized a $12,000 loss on 12/20/2016 sale of bonds (acquired on 1/18/2016).
Recognized a $7,000 gain on 6/27/2016 sale of BH stock (acquired on 7/30/2007).
Recognized an $11,000 loss on 6/13/2016 sale of QuikCo stock (acquired on 3/20/2009).
Received $500 of qualified dividends on 7/15/2016.
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: In 2016, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: Complete the required capital gains netting procedures and calculate the Jacksons' 2016 tax liability.
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