Question

NOTE: TO VIEW COMPLETE QUESTION/PROBLEM(I CAN'T PUT THE WHOLE PROBLEM HERE), PLEASE GOOGLE "IRS 6744" AND READ THROUGH PAGEs 74 TO 84 OF THE PDF. THANK YOU VERY MUCH!

23. What is the total net amount of capital gain reported on Form 1040?

c. This can only be accomplished if filing a paper return

d. The Matthews do not have an overpayment on their return

26. The Matthews want to split their refund between savings and checking accounts. How is this accomplished, if possible?

a. Complete Form 8888, Allocation of Refund(Including Savings Bond Purchases)

b. Splitting a refund is not possible

I would greatly appreciate if anyone could answer question 23. If possible, please also answer question 26. I would definitely write you a nice comment and give you an upvote if you could answer at least one question of this problem. Thank you!

Answer 1

23. Amount of Capital Gain to be reported on Form 1040:

• The sale or exchange of a capital asset not reported on another form or schedule.
• Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit.
• Non business bad debts.