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Joan Majors sold 1,580 shares of publicly traded MMY stock (tax basis $49,240 ) for...

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Accounting

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Joan Majors sold 1,580 shares of publicly traded MMY stock (tax basis $49,240 ) for $40,000 cash on February 13. They paid $43,000 cash to purchase 1,600MMY shares on March 2 of the same year. Compute Joan's loss recognized on the February 13 sale and determine their tax basis in the 1,600 shares. No loss recognized; $40,000 basis $9,240 loss recognized; $43,000 basis No loss recognized; $52,240 basis No loss recogntred; $49,240 basis Fred is a general partner in ABC Partnership. Their partnership Schedule K-1 reports $50,000 ordinary business income, $22,000 guaranteed payment, $5,000 long-term capital gain, and $400 dividend income. Which of these items are subject to self-employment tax? $50,000 ordinary income $50,000 ordinary business income and $22,000 guaranteed payment $50,000 ordinary business income, $22,000 guaranteed payment, and $5,000 long-term capital gain All income repoitted on a general partner's Schedule K-1 are subject to self-employment tax

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