Question

Required information [The following information applies to the questions displayed below.) Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock c Stock D Stock E Date Purchased 1/23/1995 4/10/2019 8/23/2017 5/19/2009 8/20/2019 Basis $ 8,350 16,200 13,500 6,110 8,070 Date Sold 7/22/2019 9/13/2019 10/12/2019 10/12/2019 11/14/2019 Amount Realized $ 5,380 20,170 19,040 14,050 4,050 a. What is Grayson's net short-term capital gain or loss from these transactions? Net short-term capital gain or loss

Answer 1

Answers eo 9/18/2019 Description Date of T. purchase Basis palet Amount capital Type Realized Gainless stock-A 11/23/1995 $8.350 7/08/2019 $5,380 $2,970 Long Term stock-B 4/10/1999 stock-c/8/23/2011 1/10/1999 $16200 $16200 19/18/2019 $ 29170 $3,970 shortierul | $ 13,500 10/12/2019 | $ 19,040 $5,540 Longleon stock-p 5/19/20og $ 6,110 110/12/2019 stock-E 8/20/2019 | $8,070 $14,050 $7940 Long term 11/14/2019 | $4,050 - $4,000 short term a) Gray'son's Net short term capital loss. Amount - Type stock-B | $3,970 short term gain stock-E-$4,020 short term Long - $50 short term loss 6) Grayson's Net Long term Gain (ors Loss Amount Type stock-A -$2.910 Long term Capital Loss stock-e $5,540 Long term capital Gain stock-D & 7,940 Long term capital Gain $ 10,510 Long term Capital Gain c) Grayson's Overall Net gain or loss Amount Type Net stch - $50 Ishort term capital Loss Nettica $10,510 Long term capital Gain $10,460 I Net capital Gain a) Gray son's entire amount of net capital Gain is $ 104601 will be taken at preferential tax Rale.