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What is samantha taxable income for the year

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Assignment:

In 2017, Simon transfers 100 shares of Brown Corporation stock to Samantha, his former spouse, as part of a divorce settlement. The cost of the stock to Simon was $11,500, and the stock's fair market value at the time of the transfer was $14,300. 2022 was a big year for Samantha: she got remarried, got a new job earning $120,000 and this time around, she decided to choose her filing status to be married, filing separately. In 2022, Samantha sells the Brown Corporation stock for $11,500 to Michael. In addition, she has the following transactions in 2022:

  • Sold stock in ABC Company (acquired two years ago) ($1,500)
  • Sold collectible coins (held for more than one year) $2,000
  • Sold stock in XYZ Company (acquired six months ago) ($4,100)
  • Sold stock in LMN Company (acquired three years ago) $500

Her itemized deductions for the year are $12,900. What is Samantha's taxable income for the year 2022?

Reference no: EM133261780

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