Reference no: EM133170033
Questions -
Q1) Kevin bought 26Q shares of Intel stock on January 1, 2021, for $74 per share, with a brokerage fee of $160. Then, Kevin sells all 260 shares for $87 per share on
December 12. 2021. The brokerage fee on the sale was $210 What is the amount of the gain/loss Kevin must report on his 2021 tax return?
$2 640
$3.010
$3 380
None of the choices are correct.
Q2) Campbell, a single taxpayer, has $84,700 of profits (net of the deduction for self-employment taxes, the self employed health insurance deduction, and the deduction for contributions to qualified self-employment retirement plans) from her general store, which she operates as a sole proprietorship. She has no employees, $30,600 of qualified property (unadjusted basis of qualified property used in the business), and $51,300 of taxable income before the deduction for qualified business income. How much is Campbell's deduction for qualified business income?
Q3) In the current year, Erin had the following capital gains (losses) from the sale of her investments: $1,200 LTCG, $25,800 STCG. ($8.200) LTCL. and ($14.200) STCL. What is the amount and character of Erin's capital gains and losses?
$4.600 net short-term capital gain.
$4,600 net long-term capital loss.
$4.800 net short-term capital gain.
$4,800 net long-term capital loss.
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