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Problem - Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2018. Phil does not work due to a disability, but he is a buyer and seller of stocks. He generally buys and holds for long-term gain, but occasionally gets in and out of a stock quickly. The couple's 2018 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.
Item
Date Acquired
Date Sold
Cost
Sales Price
Blue stock (10 shares)
11/10/17
03/12/18
$ 3,000
$ 6,000
Purple stock (100 shares)
12/13/16
05/23/18
36,000
32,000
Beige stock (50 shares)
12/14/13
07/14/18
13,000
14,500
Red stock (100 shares)
06/29/17
05/18/18
26,000
27,000
Black stock (100 shares)
05/15/17
10/18/18
67,000
67,800
Gray stock (100 shares)
04/23/16
89,000
88,200
Required -
a. What is Phil and Susan's AGI?
b. Complete a Form 8949 for the Hammonds (Phil's Social Security number is 123-45-6789). Assume that the stock sale information was reported to the Hammonds on a Form 1099-B and that basis information was provided to the IRS.
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