Ray, single, purchased corp. stock 12/27/2021 for $5,000. It became worthless 10/27/22. Additionally, he purchased §1244 stock 3 years ago for $200,000, but sold it this year for $50,000. How much ordinary loss and capital loss must he recognize? Insert the following answers in the blanks in this order. (please include a number 0-200000) in each blank. 1. Amount of short-term capital loss 2. Amount of long-term capital loss 3. Amount of ordinary loss 5000 100000 50000 A N A

Ray, single, purchased corp. stock 12/27/2021 for $5,000. It became worthless 10/27/22. Additionally, he purchased §1244 stock 3 years ago for $200,000, but sold it this year for $50,000. How much ordinary loss and capital loss must he recognize? Insert the following answers in the blanks in this order. (please include a number 0-200000) in each blank. 1. Amount of short-term capital loss 2. Amount of long-term capital loss 3. Amount of ordinary loss 5000 100000 50000 A N A

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In the current year, Erin had the following capital gains (losses) from the sale of her investments: $2,900 LTCG, $24,100 STCG, ($9,900) LTCL, and ($15,900) STCL. What is the amount and nature of Erin's capital gains and losses? Multiple Choice $1,200 net short-term capital gain. $1,200 net long-term capital loss. $3,100 net short-term capital gain. $3,100 net long-term capital loss. None of the choices are correct.
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H6.
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Jacob and Joria are married and file a joint return. They have the following items for the current year: Salaries $345,000 Loss on sale of § 1244 stock acquired 15 years ago 136,000 Gain on sale of § 1244 stock acquired ten months ago 44,000 Nonbusiness bad debt 12,000 Business bad debt 23,000 Determine their AGI for the current year. S-------
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