On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss. What is the amount and character of each carryforward? (Select No carryforward if there is none.)
On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss. What is the amount and character of each carryforward? (Select No carryforward if there is none.)
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter4: Gross Income
Section: Chapter Questions
Problem 2CE
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![Problem 16-25 (Static) [LO 16-4]
Mr. and Mrs. Revel had $206,200 AGI before considering capital gains and losses.
Required:
a. On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss. What
is the amount and character of each carryforward?
b. On February 11, they recognized a $2,100 long-term capital gain. On November 3, they recognized a $1,720 long-term capital loss.
What is the amount and character of each carryforward?
c. On April 2, they recognized a $5,000 long-term capital loss. On September 30, they recognized a $4,800 short-term capital loss.
What is the amount and character ofeach carryforward?
d. On January 12, they recognized a $5,600 short-term capital loss. On July 5, they recognized a $1,500 long-term capital gain. What
is the amount and character of each carryforward?
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
Required D
On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss.
What is the amount and character of each carryforward? (Select No carryforward if there is none.)
neguireel R](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcf26b3b7-1935-451b-8a66-286d211649bf%2F0d758d6f-4182-41de-aca7-4c6151ba5ba6%2Fjiib92i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 16-25 (Static) [LO 16-4]
Mr. and Mrs. Revel had $206,200 AGI before considering capital gains and losses.
Required:
a. On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss. What
is the amount and character of each carryforward?
b. On February 11, they recognized a $2,100 long-term capital gain. On November 3, they recognized a $1,720 long-term capital loss.
What is the amount and character of each carryforward?
c. On April 2, they recognized a $5,000 long-term capital loss. On September 30, they recognized a $4,800 short-term capital loss.
What is the amount and character ofeach carryforward?
d. On January 12, they recognized a $5,600 short-term capital loss. On July 5, they recognized a $1,500 long-term capital gain. What
is the amount and character of each carryforward?
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
Required D
On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss.
What is the amount and character of each carryforward? (Select No carryforward if there is none.)
neguireel R
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