Tamara Sawyerr is a lawyer and incurred the following transactions last year. Sales Price Basis Purchased Sold Monto City Bonds* $ 10,000 $ 5,000 11/1/2015 5/2/2019 Cincis Preferred Stock 25,000 6,000 7/15/2010 1/12/2019 Tastee's Grand Ice Cream Stock 14,000 10,000 7/1/2018 4/20/2019 Bovell Common 2,000 10,000 2/12/2016 11/29/2019 SAP Stock 4,000 3,000 8/2/2007 5/2/2019 XYZ Common 6,000 9,000 5/30/2017 10/20/2019 Prior-Year ST Capital Loss Carryforward 5,500 Prior year LT Capital Loss Carryforward 5,000 *Purchased when originally issued by Monto City. What is the net short-term capital gain/loss reported on the 2019 Schedule D? What is the net long-term capital gain/loss reported on the 2019 Schedule D? What amount of capital gain is subject to the preferential capital gains rate? Hint: remember the netting process. Show your working!
Tamara Sawyerr is a lawyer and incurred the following transactions last year.
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|
Sales Price |
Basis |
Purchased |
Sold |
|
|||||
|
Monto City Bonds* |
$ |
10,000 |
$ |
5,000 |
11/1/2015 |
5/2/2019 |
||||
|
Cincis |
|
25,000 |
|
6,000 |
7/15/2010 |
1/12/2019 |
||||
|
Tastee's Grand Ice Cream Stock |
|
14,000 |
|
10,000 |
7/1/2018 |
4/20/2019 |
||||
|
Bovell Common |
|
2,000 |
|
10,000 |
2/12/2016 |
11/29/2019 |
||||
|
SAP Stock |
|
4,000 |
|
3,000 |
8/2/2007 |
5/2/2019 |
||||
|
XYZ Common |
|
6,000 |
|
9,000 |
5/30/2017 |
10/20/2019 |
||||
|
Prior-Year ST Capital Loss Carryforward |
|
5,500 |
|
|
|
|
||||
|
Prior year LT Capital Loss Carryforward |
|
5,000 |
|
|
|
|
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*Purchased when originally issued by Monto City.
What is the net short-term capital gain/loss reported on the 2019 Schedule D? What is the net long-term capital gain/loss reported on the 2019 Schedule D? What amount of capital gain is subject to the preferential
Hint: remember the netting process. Show your working!
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