Step by step given answer general accounting Sarah has $15,000 of net long-term capital gain and $9,000 ofnet short-term capital loss. This nets out to a:(a) $6,000 net long-term loss(b) $6,000 net long-term gain(c) $6,000 net short-term gain(d) $6,000 short-term loss(e) $0 net capital gain/loss

Step 1: Define Net Capital Gain or LossNet capital gain or loss is determined by offsetting net…

Answered: Sarah has $15,000 of net long-term…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 30CE

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Sanju has $12,500 of net long-term capital gain and $7,800 of net short-term capital loss. This nets out to a: (a) $4,700 net long-term loss (b) $4,700 net long-term gain (c) $4,700 net short-term gain (d) $4,700 short-term loss
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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.
Gabrielle has the following gains and losses for the current year: Short-term capital loss $(8,000) Long-term capital gain 3,000 Section 1231 gain 3,000 Section 1231 loss (5,000) What is Gabrielle's net capital gain or loss position for the year? Oa. $5,000 net short-term capital loss Ob. $5,000 net short-term capital gain Oc. $7,000 net short-term capital loss Od. $3,000 net short-term capital gain
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Kate has the following capital gains and losses for 2018: Short-Term Capital Gain $8,000 Short-Term Capital Loss(4,000) 25% Gain55,000 28% Gain48,000 28% loss (60,000) Long-Term Capital Gain 11,000 Long-Term Capital Loss(74,700) After engaging in the appropriate capital gains netting, what is the amount and character of Kate’s net Gain (Loss)?
Thoren has the following items for the year: $4,000 of short-term capital gain, $5,000 of 0%/15%/20% long-term capital gain, and $1,500 of 28% capital loss. Which of the following is correct? a.The $1,500 loss will first be offset by the $5,000 long-term gain. b.The taxpayer will have a net short-term capital loss. c.The $1,500 loss will first be offset by the $4,000 short-term gain. d.The $4,000 short-term gain will first be offset by the $5,000 long-term gain.
n X8, Erin had the following capital gains (losses) from the sale of her investments: $2,000 LTCG, $25,000 STCG, ($9,000) LTCL, and ($15,000) STCL. What is the amount and nature of Erin's capital gains and losses? Show your working!
Lefty completes the following capital asset transactions. By how much does Lefty’s AGI increase as a result of these gains/losses? Long-term gain $28,800 Short-term gain 11,520 Short-term loss 72,000 Lefty’s net result is?
MCQ
Kate has the following capital gains and losses for 2018:Short-Term Capital Gain $8,000Short-Term Capital Loss(4,000)25% Gain55,00028% Gain48,00028% loss (60,000)Long-Term Capital Gain 11,000Long-Term Capital Loss(74,700)After engaging in the appropriate capital gains netting, what is the amount and character of Kate’s net Gain (Loss)?
Jessica had the following gains and losses for the year: Long-term loss = $45,000 Short-term loss = $15,000 Long-term gain = $20,000 Short-term gain = $19,000 How much gain or loss will Jessica deduct on her current tax return? $0 Long-term capital loss of $3,000 Long-term capital loss of $21,000 Short-term capital gain of $4,000; and $25,000 long-term loss

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Sarah has $15,000 of net long-term capital gain and $9,000 of net short-term capital loss. This nets out to a: (a) $6,000 net long-term loss (b) $6,000 net long-term gain (c) $6,000 net short-term gain (d) $6,000 short-term loss (e) $0 net capital gain/loss