Reference no: EM132944469
Question - Byron and Jeanne are married and have filed a joint tax return since 2002. They have two school age children who lived with them all year. In 2019, Byron and Jeanne had the following income and expenses: Wages $300,000, Interest from NYS bonds $ 2,500, Interest on savings account $ 1,250, Stock dividend (no cash option / FMV on date received) $ 5,750, Long term capital gain $ 29,000, Short term capital loss $ 15,000, Section 1244 loss $120,000, Medical expenses (subject to a 10%) floor $ 18,000, Insurance reimbursement for medical expenses $ 6,000, Donation of LTCG property to charitable organization Adjustment Basis $100,000 Fair Market Value $123,000, Cash to their Church $ 45,000. Ignoring the exemption deduction and assuming the limitations for charitable donation are 50%, 30%, or 20%, determine Byron and Jeanne's taxable for 2019.
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