Question 109. Phil’s father died on January 10, 2014. The father had o

109. Phil’s father died on January 10, 2014. The father had owned stock for 20 years with a basis of $45,000 that was transferred to Phil as a gift on August 10, 2013, when the stock was worth $430,000. His father paid gift tax of $31,000. This stock was worth $566,000 at the date of the father’s death. Phil sold the stock for $545,000 net of commissions on February 23, 2014. What is the amount and nature of Phil’s gain or loss from disposition of this property?

110. On January 18, 2013, Martha purchased 200 shares of Blue Corporation stock for $2,000. On November 11, 2014, she sold short 200 shares of Blue Corporation stock which she borrowed from her broker for $2,300. On February 10, 2015, Martha closed the short sale by delivering the 200 shares of Blue Corporation stock which she had acquired in 2013. On that date, Blue Corporation stock had a market price of $4 per share. What is Martha’s recognized gain or loss and its character in 2014? In 2015?

111. Sharon has the following results of netting her short-term and long-term capital gains and losses for 2014: $56,000 short-term capital loss, and $82,000 net long-term capital gain ($21,000 0%/15%/20% long-term capital gain, and $61,000 25% long-term capital gain).

(a) What is her net capital gain or loss for 2014?

(b) If there is a net capital loss, how much of the loss and what type of loss carries over to 2015?

(c) If there is a net long-term capital gain, what is it made up of?

112. The chart below details Sheen’s 2012, 2013, and 2014 stock transactions. What is the capital loss carryover to 2014 and what is the net capital gain or loss for 2014?

Short-term Short-term Long-term Long-term

Tax Year Capital Gains Capital Losses Capital Gains Capital Losses

2012 $4,000 $ 6,000 $ 2,000 $13,000

2013 $16,000 $14,000 $23,000 $28,000

2014 $55,000 $52,000 $67,000 $33,000

113. Samuel, head of household with two dependents, has 2014 wages of $26,000, paid alimony of $3,000, has taxable interest income of $2,000, and a $12,000 0%/15%/20% net long-term capital gain. Samuel uses the standard deduction and is age 38. What is his 2014 taxable income and the tax on the taxable income?

114. Martha is unmarried with one dependent and files as head of household. She had 2014 taxable income of $45,000 which included $16,000 of 0%/15%/20% net long-term capital gain. What is her tax on taxable income using the alternative tax on net long-term capital gain method?

115. Harold is a head of household, has $27,000 of taxable income in 2014 from non-capital gain or loss sources, and has the following capital gains and losses:

What is Harold’s taxable income and the tax on that taxable income?

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