Question

ry Kay products and operates a very successful sole proprietorship. She Such an excellent 3 quarter that she decided to make several purchases at the beginning on the 4 quartor. Which of the film 27. Todd Johnson had the following items of income and losses during the tax year: Wages $ 40,000 Nonbusiness bad debt $ 1.000 Gain on commodities held 16 months $ 2,000 Loss on stock held 2 years $ (800) Flood damage on personal residence owned 5 years $ 4,500 Gain on stock held 13 months $ 5,000 The Flood damage occurred due to a federally declared disaster. What is Todd's taxable capital gain for the tax year? a) $ 500 b) $ 700 c) $5.200 d) $6,200

Answer 1

Todd's taratile capital gain for tax year: $500D Gain on stock held 12 months $ 2000 Gain on commodities held le months (800) lors on stock held 2 years $6200 Taraus capital gain JJDU 3/3 C =