Christina, who is single, purchased 320 shares of Apple Incorporated stock several years ago for $16,320. During her year-end tax planning, she decided to sell 160 shares of Apple for $7,360 on December 30. However, two weeks later, Apple introduced its latest iPhone, and she decided that she should buy the 160 shares (cost of $7,680) of Apple back before prices skyrocket. Note: Leave no answers blank. Enter zero if applicable. Problem 7-53 Part-b (Algo) b. Assume the same facts, except that Christina repurchased only 80 shares for $3,840. What is Christina's deductible loss on the sale of 160 shares? What is her basis in the 80 new shares? Deductible loss Basis

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.