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Business, 13.07.2020 23:01 fooligan3448

Mike and Diane Carter file jointly and have taxable income of $150,000 prior to considering capital gains. This year, they had the following property transactions:On April 1, sold, for $50,000, investment land which was inherited from their grandfather, was valued at $48,600 at his death during 2008, and was purchased in 2005 for $45,000.Sold 1,000 shares of stock at $15 each on May 16; the shares were purchased on April 24, 2018, at $12 each. Sold 300 shares of stock at $8 each on June 22; the shares were part of a 1,000 share lot purchased on January 11ththis year, at $10 each. Bought 500 shares of stock on August 31, 2001, for $12 each, which on December 31st this year, are worth $18 each. Ignoring commissions what is the tax consequence of the above transactions to the Carters?Group of answer choicesA. $1,178 increase in liability. B. $1,480 increase in liability. C. $570 increase in liability. D. $760 increase in liability.

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