Vanessa bought shares in Daugh Mutual Fund in 2018 for $120 a share. In 2019, she received a non-dividend distribution of $50 a share. She reduced her basis in each share by $50 to an adjusted basis of $70. In 2020, Vanessa received a non-dividend distribution of $10 per share and further reduced her basis in each share to $60. In 2021, she received a non-dividend distribution of $20 per share. Vanessa's basis was reduced to $40. In 2022, the non-dividend distribution from the mutual fund was $50 a share. Which of the following is true regarding Vanessa's basis and gain in the stock? A. Vanessa reduces her basis in each share to zero and reports $10 of gain B. Vanessa reduces her basis in each share to zero and reports $40 of gain C. Vanessa reduces her basis in each share to zero and reports $50 of gain D. Vanessa reduces her basis in each share to zero and reports $120 of gain

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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.