Ms. Imo, who is single, purchased her first home in 1991 for $85,000, and sold it in May 2000 for $178,500

Ms. Imo, who is single, purchased her first home in 1991 for $85,000, and sold it in May 2000 for $178,500. She

purchased her second home in July 2000 for $385,000 and sold it this year for $700,000.

  1. a. Compute Ms. Imo’s taxable gain on the 2000 sale and on this year’s sale.
  2. b. Compute the income tax and Medicare contribution tax on her gain this year if her marginal rate on ordinary income is 39.6 percent.

Please show work so I can understand it

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now