Assistance with Tax Return Assignment questions, please.
Q1: Christen traveled to Tampa for a two day accounting convention and decided to stay an extra three days for touring/sightseeing. Travel expense is consisted of: $200 per night hotel that offers free meals; $400 airfare round-trip; $50 per day rental car, $30 per day incidental expenses. Christen drove her BMW (purchased on 8/1/2013) for 14,000 total miles in 2016 with 7,500 miles for business. Christen utilizes the automatic mileage method of claiming automobile expenses.
Q2: On January 1, 2013 Tom bought 400 shares of Microsoft for $200 per share and had a brokerage fee of $1,000. Tom sold 100 shares for $140 per share on November 12, 2015. Tom then purchased 100 shares of the same type of Microsoft stock on December 10, 2015 for $138 share. No brokerage fee was incurred on the 2015 transactions.
He had the following stock sales in 2015:
Date Purchased
Basis
Date Sold
Amount Realized
Stock 1
3/16/1996
$7,850
7/22/2015
$6,500
Stock 2
2/12/2015
15,000
9/13/2015
19,500
Stock 3
6/25/2011
11,750
10/12/2015
15,600
Stock 4
7/19/2006
8,250
10/12/2015
12,800
Stock 5
9/18/2015
9,400
11/26/2015
4,500
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Q1: I assume the Travel expense will be calculated as:
Hotels ($200 Ã 2) $400
Rental car ($50 Ã 2) $10
Incidental expenses ($30 x 2) $60
Total expenses $560
If I'm correct were would be the placements on a Tax return?
Q2: I assume itâs not a short-term capital loss instead it's a wash sale because the he repurchased the same stock before 30 days. So would be a disallowed loss and added to the new basis of the bought stock. $13,800 + $6000 disallowed loss? I assume stock 1-5 are just reported on a 8949 long term since they're realized on 2015.
Assistance with Tax Return Assignment questions, please.
Q1: Christen traveled to Tampa for a two day accounting convention and decided to stay an extra three days for touring/sightseeing. Travel expense is consisted of: $200 per night hotel that offers free meals; $400 airfare round-trip; $50 per day rental car, $30 per day incidental expenses. Christen drove her BMW (purchased on 8/1/2013) for 14,000 total miles in 2016 with 7,500 miles for business. Christen utilizes the automatic mileage method of claiming automobile expenses.
Q2: On January 1, 2013 Tom bought 400 shares of Microsoft for $200 per share and had a brokerage fee of $1,000. Tom sold 100 shares for $140 per share on November 12, 2015. Tom then purchased 100 shares of the same type of Microsoft stock on December 10, 2015 for $138 share. No brokerage fee was incurred on the 2015 transactions.
He had the following stock sales in 2015:
| Date Purchased | Basis | Date Sold | Amount Realized | |
| Stock 1 | 3/16/1996 | $7,850 | 7/22/2015 | $6,500 |
| Stock 2 | 2/12/2015 | 15,000 | 9/13/2015 | 19,500 |
| Stock 3 | 6/25/2011 | 11,750 | 10/12/2015 | 15,600 |
| Stock 4 | 7/19/2006 | 8,250 | 10/12/2015 | 12,800 |
| Stock 5 | 9/18/2015 | 9,400 | 11/26/2015 | 4,500 |
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Q1: I assume the Travel expense will be calculated as:
Hotels ($200 Ã 2) $400
Rental car ($50 Ã 2) $10
Incidental expenses ($30 x 2) $60
Total expenses $560
If I'm correct were would be the placements on a Tax return?
Q2: I assume itâs not a short-term capital loss instead it's a wash sale because the he repurchased the same stock before 30 days. So would be a disallowed loss and added to the new basis of the bought stock. $13,800 + $6000 disallowed loss? I assume stock 1-5 are just reported on a 8949 long term since they're realized on 2015.
