Question

Part 2 Gross Income 99. Marvin and Tracy Peery's 2019 taxable income is $87,830 before considering the effect of their investment activities. The details of their 2019 sales of investment assets follow: Sale Purchase Sales Commissions Security Date Date Price Basis Paid Jobe Tool Inc. 02/19/19 11/15/18 $14,500 $400 $11,000 Gilly Corporation 04/30/19 03/02/17 $ 8,800 $300 $ 2,900 Skyelab Inc. 12/14/19 04/30/17 $ 8,000 $275 $ 8,525 The Form 1099 Marvin and Tracy received from their broker indicated total sales of $30,325 (i.e., sales were reported net of commissions). In addition, on July 19, Marvin sells a Barry Sanders football card for $600. He paid $20 for the card in June 2006. Marvin and Tracy ask you to prepare their 2019 Schedule D. Their 2018 schedule D indicates that they had a $4,500 net long-term capital loss in 2018. Marvin's Social Security number is 567-22-3495 and Tracy's is 654-33-8790. Forms and instructions can be downloaded from the IRS Web site (www.irs.gov).

Answer 1

To be tool Inc. Security Capital gains and Skyelab Inc. are Short term Grilly Corporation Security is long term Capital gaio. In Schedule D * Part line 10, columnd, Ender $21825 as sales prie (sale price is $14500 + $ 8000 - $200 - $275] line la columne, Enter $19525 as basis [9 11000+ $ 8525) line sa columah, enter $2300 gain.

line 15 Enter $1680 * Part line sa columnd. Enter $8500 as sales price ſie $8:00 - $300) line da, column e, enter $2900 as basis line 8a, column h. Enter $5600 as gain line 10, column d, Enter $600 as sales line 10, column e, Enter $20 as cost line. 10, columne, enter $580 as gain price - $4500 line 14 Enter

* Partill line 16, Enter $3980 [re ie $2300 + $ 1680 $1680)