Ms Munoz bought 2,500 shares of Google Corporation stock for $15,000 on March 21, 2017. On December 11, 2018 she sold all 2.500 shares of her Google stock for $11,000. Based on advice from her friend, she bought 2.000 shares of Google stock on January 2, 2019 for $8,000. What is Ms Munoz's recognized loss on her 2018 sale and what is her basis in her 2,000 shares purchased in 2019? Recognized loss Basis in shares bought in 2019 4

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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.