Grapefruit mutual fund distributed long-term capital gain

Assignment Help Financial Management

Reference no: EM131525259

Albert sold the following securities during the year and received a Form 1099-B that showed the following information:

Security Description Date Acquired Date Sold Selling Price Adjusted Basis

Orange, Inc. 100 Shares Common 02/11/98 04/16/16 $ 3,050 $ 2,150

Banana, Inc. 100 Shares Preferred 12/08/15 09/25/16 9,000 10,500

Plum, Inc. 5 Bonds due 4/2016 12/30/06 01/02/16 5,200 5,400

Peach Mutual Fund 5,010.150 Shares 05/30/07 10/22/16 60,100 56,000

The selling price given is net of sales commissions. In addition to the above amounts, the Grapefruit mutual fund distributed a long-term capital gain of $450 on December 30, 2016.

Albert purchased 5 acres of raw land in Reno, NV, 10 years ago. His basis in the land was $90,000. On August 1, 2016, he sold the land for $140,000 on the installment method. Albert received $58,800 in the year of sale, and the balance was payable at $8,120 per year for the next 10 years, plus a market rate of interest.

On May 15, 2016, Albert and Allison sold their personal residence for $585,150 and purchased a new house for $725,000. They had owned the old house for 20 years and it had an adjusted basis of $35,075. The house had been their personal residence for all the years they were married. They moved into the new house on May 18, 2016.

Reference no: EM131525259

Questions Cloud

Social security disability benefits are payable to covered : Social Security disability benefits are payable to covered workers who

What is the high non-financial fixed costs : Firms with relatively high nonfinancial fixed costs are said to have a high degree of what?

What is going to happen to my child biologically : What is going to happen to my child biologically, psychologically, and socially over the next few years?

Was the court correct in dismissing attempted murder chage : Was the court correct in dismissing the attempted murder charge? Be sure to identify and describe the elements of a criminal act

Grapefruit mutual fund distributed long-term capital gain : In addition to the above amounts, the Grapefruit mutual fund distributed a long-term capital gain of $450 on December 30, 2016.

Which the leadership of chosen country has used foreign aid : Which the leadership of your chosen country has used foreign aid to improve its health care system. Support your response with concrete examples.

Managing employee ethics-engagement : The small firm's CEO paid higher than average salaries but couldn't keep good employees. "Perhaps you should stop screaming at them," advised his wife.

Differentiate between the ebit and eps : "One type of leverage affects both EBIT and EPS. The other type affects only EPS." Explain this statement.

Summarize all routes from each area into the core : Summarize all routes from each area into the core. Plan for approximately 30 networks in each area with exception of the core, which is exactly as shown in the diagram.

User Account

All Pages