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Question - Penny bought her house on December 31 and that she took a mortgage in the amount of $50,000 as part of the payment. The mortgage has a stated (or nominal) interest rate of 8 percent, but it calls for payments every 6 months, beginning on June 30, and the mortgage is to be amortized over 20 years. Now, one year later, Penny must file Schedule B of her tax return with the IRS informing them of the interest that was included in the two payments made during the year. (This interest will be income to Penny and a deduction to the buyer of the house.) What is the total amount of the interest that was paid during the first year?
a. $1,978.95
b. $526.17
c. $3,978.95
d. $2,000
e. $547.22
The stock in Rose Corporation is held equally by two sisters. One year before its liquidation, the shareholders transfer property (basis of $500,000, fair market value of $300,000) to Rose Corporation in return for stock. In a current year liquidatio..
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