Jessica, who is in the 35% tax bracket, has the following capital gains and losses for...
Jessica, who is in the 35% tax bracket, has the following capital gains and losses for 2019: $9,000 STCL, $5,000 28% gain, $5,000 25% gain, and $8,000 0%/15%/20% gain. Which of the following is correct:
Group of answer choices
None of the above.
The net capital gain is composed of $1,000 25% gain and $8,000 0%/15%/20% gain.
The net capital gain is composed of $2,000 25% gain and $7,000 0%/15%/20% gain.
The net capital gain is composed of $5,000 28% gain and $4,000 25% gain.
The net capital gain is composed of $1,000 28% gain and $8,000 0%/15%/20% gain.
Homework Answers
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Jessica, who is in the 35% tax bracket, has the following
capital gains and losses for...
USA Federal Taxation (Capital Gains and Losses – Introduction). In 2018, Steven Spielberg (single) has $5,000...
USA Federal Taxation (Capital Gains and Losses – Introduction). In 2018, Steven Spielberg (single) has $5,000 of net short-term capital loss and $17,000 of net long-term capital loss. In 2019, he has $2,000 of net short-term capital gain, $8,000 of net 28% long-term capital gain, and $4,000 of net 0%/15%/20% long-term capital gain. Determine the type (short-term or long-term) and amount of capital loss to be carried forward to 2019 and 2020, respectively. Show your steps.
An investor is in the 32 percent tax bracket and pays long-term capital gains taxes of...
An investor is in the 32 percent tax bracket and pays long-term capital gains taxes of 15 percent. What are the taxes owed (or saved in the case of losses) in the current tax year for each of the following situations? a) Net short-term capital gains of $3,000; net long-term capital gains of $4,000 b) Net short-term capital gains of $3,000; net long-term capital losses of $4,000 c) Net short-term capital losses of $3,000; net long-term capital gains of $4,000...
Belinda's capital gains and losses for two consecutive years are provided here. What is the effect...
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Rikki has the following capital gains and losses for the current year: Short-term capital gain $1,000 Long-term capital gain 11,000 Long-term capital loss 3,000 Collectibles gain 8,000 Collectibles loss 2,000 Assume that Rikki is in the 32% marginal tax rate bracket and Rikki's AGI is less than $200,000. Refer to the Capital gains and losses (individuals) table to answer the following question. Due to the effect of the capital gains and losses, Rikki's taxable income is increased by $ and...
Mary files as Head of Household and has the following gains and losses during 2019: LTCG...
Mary files as Head of Household and has the following gains and losses during 2019: LTCG LTCL STCG STCL $12,000 4.000 4,000 8,000 With respect only to her Gains Losses, how much is Mary's tax liability if she has taxable income of $50,000 and is in the 12% tax bracket? How much is her tax liability for her gains/losses if Mary's taxable income is $70,000 and her tax bracket is 22% (not 12%)?
Patti has the following capital gains and losses for the current year: Short-term capital gain $...
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I:5-49 Capital Losses To better understand the rules for offsetting capital losses and how to treat...
I:5-49 Capital Losses To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2015 through 2018. No capital loss carryforwards are included in the figures. For each year, determine AGI and the capital losses to be carried forward to a later tax year. 2015 2016 2017 2018 ACI (excluding property transactions) 40,000 50,000 60,000 70,000 STCG 4,000 5,000 7,000 10,000 STCL 9,000...
Iris has the following results of netting her short-term and long-term capital gains and losses for...
Iris has the following results of netting her short-term and long-term capital gains and losses for 2019: $56,000 short-term capital loss and $82,000 net long-term capital gain ($21,000 0%/15%/20% long-term capital gain and $61,000 25% long-term capital gain). a. What is her net capital gain or loss for 2019? b. If there is a net capital loss, how much and what type of the loss carries over to 2020? c. If there is a net long-term capital gain, what is...
During 2020, Jackson, who is single, had the following capital gains and losses: Gain from the...
During 2020, Jackson, who is single, had the following capital gains and losses: Gain from the sale of a coin collection (held 3 years) $ 5,000 Gain from the sale of LMN stock held as an investment (held 6 years) 4,000 Gain from the sale of ABC stock held as an investment (held 10 months) 1,000 Loss from the sale of XYZ stock held as an investment (held 11 months) 3,000 ow much is Jackson's total tax liability for these...
. Given below are Robert's capital gains and losses for three consecutive years. What is the...
. Given below are Robert's capital gains and losses for three consecutive years. What is the carryover loss for Robert to start the beginning of Year 3? First Second Year Short-term capital gain Year $9,000 11,000 Long-term capital gain Short-term capital loss Long-term capital loss $2,000 7,000 (11,000) (2,000) (20,000) 0 First Year Second Year
Rikki has the following capital gains and losses for the current year: Short-term capital gain $1,000 Long-term capital gain 11,000 Long-term capital loss 3,000 Collectibles gain 8,000 Collectibles loss 2,000 Assume that Rikki is in the 32% marginal tax rate bracket and Rikki's AGI is less than $200,000. Refer to the Capital gains and losses (individuals) table to answer the following question. Due to the effect of the capital gains and losses, Rikki's taxable income is increased by $ and...
Mary files as Head of Household and has the following gains and losses during 2019: LTCG LTCL STCG STCL $12,000 4.000 4,000 8,000 With respect only to her Gains Losses, how much is Mary's tax liability if she has taxable income of $50,000 and is in the 12% tax bracket? How much is her tax liability for her gains/losses if Mary's taxable income is $70,000 and her tax bracket is 22% (not 12%)?
Patti has the following capital gains and losses for the current year: Short-term capital gain $ 1,000 Short-term capital loss 8,000 Long-term capital gain 5,000 Long-term capital gain 16,000 Long-term capital loss 3,000 What is the effect of the capital gains and losses on Patti's taxable income?
During 2020, Jackson, who is single, had the following capital gains and losses: Gain from the sale of a coin collection (held 3 years) $ 5,000 Gain from the sale of LMN stock held as an investment (held 6 years) 4,000 Gain from the sale of ABC stock held as an investment (held 10 months) 1,000 Loss from the sale of XYZ stock held as an investment (held 11 months) 3,000 ow much is Jackson's total tax liability for these...
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