Andrii has still not filed his 2021 personal income tax returns even though he knows that he will have a penalty and int
-
- Site Admin
- Posts: 899603
- Joined: Mon Aug 02, 2021 8:13 am
Andrii has still not filed his 2021 personal income tax returns even though he knows that he will have a penalty and int
Andrii has still not filed his 2021 personal income tax returnseven though he knows that he will have a penalty and interest onthe amount owing. He has been procrastinating as he knows that hehas a large capital gain that will trigger a lot of taxes to pay.Two years ago, Andrii purchased 9,550 shares in Crazy Inc. for$6,000. He decided to sell 5,000 shares on July 1, 2021, when theyhit $7/share. He also had a capital loss of $1,400 on some mutualfunds that he sold in November 2021. See Table A to help youcalculate Andrii’s taxes on the sale of the investments, knowingthat he is in the highest marginal tax bracket. Ignore penalty andinterest for this calculation.$8,439.37$7,242.86$7,485.71$8,118.75$6,195.67