# Tax question related

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Chapter 13: 53. Karen makes the following purchases and sales of stock: Transaction Date Number of Shares Company Price per Share Purchase 1-1-2011 300 MDG \$ 75 Purchase 6-1-2011 150 GRU 300 Purchase 11-1-2011 60 MDG 70 Sale 12-3-2011 200 MDG 80 Purchase 3-1-2012 120 GRU 375 Sale 8-1-2012 90 GRU 330 Sale 1-1-2013 150 MDG 90 Sale 2-1-2013 75 GRU 500 Assuming that Karen is unable to identify the particular lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates? a. 7-1-2011. b. 12-31-2011. c. 12-31-2012. d. 7-1-2013. Chapter 15: 31. Use the following data to calculate Chiara’s 2012 AMT base. Chiara files as a single taxpayer. Taxable income \$148,000 Positive AMT adjustments 73,000 Negative AMT adjustments 55,000 AMT preferences 30,000 34. Calculate the 2013 AMT exemption amount for the following cases for a single taxpayer, a married taxpayer filing jointly, and a married taxpayer filing separately. Case – AMTI: 1 - \$150,000 2 - 300,000 3 - 800,000 45. Freda acquired a passive activity this year for \$870,000. Gross income from operations of the activity was \$160,000. Operating expenses, not including depreciation, were 122,000. Regular income tax depreciation of \$49,750 was computed under MACRS. AMT depreciation, computed under ADS, was \$41,000. Compute Freda’s passive loss deduction and passive loss suspended for regular income tax purposes and for AMT purposes.

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