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Alva received dividends on her stock as follows: Amur corporation $55,000 Blaze, Inc $25,000 Grape Inc $12,000
A) Alva purchased the Grape stock four years ago and she purchased the Amur stock two years ago. She purchased the Blaze stock 15 days before it went ex-dividend and sold it 20 days later at a $22,000 loss. Alva had no other capital gains and losses for the year. She is in the 35% marginal tax bracket. Compute Alva’s tax on her dividend income for 2012
B) Alva’s daughter who is 25 and not Alva’s dependent has a taxable income of $6,000 which included $1000 of dividends on Grape Inc stock. The daughter had purchased the stock two years ago. Compute the daughters tax liability on the dividend.
C) Alva can earn 5% before-tax interest on a corporate bond or a 4% dividend on a preferred stock. Assuming that the appreciation in value is the same, which investment produces the greater after-tax income.
D) The same as part (c) except Alva’s daughter is to make the investment.
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