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1、spi6235x_ch11_000-055.inddPageii12/02/137:53PMf-499Unsaved...chapter11InvestmentsLearningObjectivesUponcompletingthischapter,youshouldbeableto:LO11-1Explainhowinterestincomeanddividendincomearetaxed.LO11-2Computethetaxconsequencesassociatedwiththedispositionofcapitalassets,includingthenettin
2、gprocessforcalculatinggainsandlosses.LO11-3Describecommonsourcesoftax-exemptinvestmentincomeandexplaintherationaleforexemptingsomeinvestmentsfromtaxation.LO11-4Calculatethedeductionforportfolioinvestment-relatedexpenses,includinginvestmentexpensesandinvestmentinterestexpense.LO11-5Understand
3、thedistinctionbetweenportfolioinvestmentsandpassiveinvestmentsandapplytaxbasis,at-risk,andpassiveactivitylosslimitstolossesfrompassiveinvestments.spi6235x_ch11_000-055.inddPage112/02/137:53PMf-499Unsaved...StorylineSummaryTaxpayers:NickandRachelSuttonHome:Scottsdale,ArizonaEmploymentRachel—S
4、oftwaredeveloperstatus:fornationalsoftwarecompany;currentsalary$120,000Nick—Highschoolscienceteacher;currentsalary$50,000Filingstatus:MarriedfilingjointlyDependents:Nonecurrently,buttheyareexpectingababygirlMarginaltax30percentrateforordinaryincome:CurrentNickrecentlyreceivedansituation:inhe
5、ritance,andtheSuttonsaredecidinghowtoinvestit.ickandRachelSuttonliveinScottsdale,Arizona.Thecouplehasbeenmarriedfor10yearsNandisexpectingtheirfirstchild,agirl,nextmonth.Nickisahighschoolscienceteacher,earninganannualsalaryof$50,000,andRachelisasoftwaredeveloper,earninganannualsalaryof$120,00
6、0.Withtheirabove-averagefamilyincome,theSuttonsinvestinretirementaccountsthroughtheiremployersbuthavenootherinvestments.WhenNick’sgrandmotherrecentlypassedaway,helearnedthatshehadlefthimaninheritanceof$100,000withthestipulationthathe“investittofinanciallybenefithisfamily.”Afterconsiderabledi
7、scussion,NickandRacheldecidedtoinvesttheinheritancetohelpthefamilyaccomplishtwofinancialgoals.First,theywanttosavefortheirdaughter’scollegeeducation.Theyfigurethatiftheyimmediatelyinvest$50,000oftheinheritanceforhercollegeeducation,theyshouldhaveas
