- Review Gaytor’s 2023 return (Cumulative Problem at the end of chapter) and its related tax return solution (I uploaded the tax return for your review study)Links to an external site.. Select one taxable issue of Gaytor as it relates to itemized deduction. Explain all tax relevant issue of that selected topic, referenced back to Gaytors return (so I know you review the return). Summarize how is that information is being reported and flow from the originated form to the 1040 of the chapter’s Gaytor tax return For example, if selected about capital gains then be sure, among other relevant topics, to discuss the general capital gain taxes rule (as opposed to the active income) — such as tax rate, the netting process between gains and losses).
- Review Gaytor’s 2023 return (Cumulative Problem at the end of chapter) and its related tax return solution (I uploaded the tax return for your review study)Links to an external site. — as reference to aid this assignment. For this, Gaytor consults you or the tax planning just before the year-end. You have all the year-end income information that Gaytor provided, as discussed in chapter4. In addition the capital gains (losses), he said it would be ideal to get at least additional $1,000 extra cash so he can take the family on vacation. He debates to sell the following (or any combination of these) stocks. Complete the below table worksheet and provide the advice. Let’s be systemic by using the table below.
- The below 1099 said 2019…but that’s the typo. Let’s pretend that it said 2023 (current textbook/tax year).
- A T&T stock he received upon the death of his grandfather. The stock cost his grandfather $6,000 forty years ago and was worth $97,000 on the date of his grandfather’s death 2 months ago. The stock is now worth $180,000.
- Boeing Stock he received as a gift from his mother 2 years ago. The stock cost her mother $9,000 five years ago and was worth $6,500 on the date of the gift. It is now worth $7,500.
- Sears stock he bought 5 years ago for $5,000, but now worth $1,000.
- Zoom stock he bought just 9 days ago for $5,000 before the split, now worth $6,000.
- In addition to above, Gaytor also sold various stocks and their house, as noted below (and as mentioend in the chapter).
