Question $7($Chapter $3)$

Anakin is a married filing separately filer. He sold a personal computer that he held for five years for $$1,000.$ His basis in the computer was $$3,000.$ He also sold stock that he held for $3$ months for $$16,000.$ His basis in the stock was $$24,000.$ He also sold stock that they held for $2$ months for $$40,000.$ His basis in the stock was $$6,000.$ Finally, he sold stock that he held for $11$ years for $$19,000.$ His basis in the stock was $$2,000.$ If Anakin has other taxable income of $$45,000,$ how much tax will he owe on these transactions only?

Question $8($Chapter $4)$

Phil is a calendar year taxpayer and a lender. He also runs a dry$-$cleaning business. Customers have the option to pay $$1,000$ per year for unlimited dry$-$cleaning. In December $2023,$ a customer pays him $$3,000$ for unlimited dry cleaning in $2024,2025$ and $2026.$ In December $2023,$ a borrower pays him $$6,000$ interest $($monthly interest is $$1,000)$ for November $2023$ interest, December $2023$ interest, January $2024$ interest, February $2024$ interest, March $2024$ interest, and April $2024$ interest. In January $2024,$ a borrower pays him $$4,000$ interest $($monthly interest is $$1,000)$ for December $2023$ interest, January $2024$ interest, February $2024$ interest and March $2024$ interest. If Phil is an accrual method taxpayer, how much income does he report in:

$($a$)2023?$

$($b$)2024?$

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