Mr. and Mrs. Revel had $253,600 AGI before considering capital gains and losses. Determine which ...
Mr. and Mrs. Revel had $253,600 AGI before considering capital gains and losses. Determine which of the four cases results in a capital loss carryforward for Mr. and Mrs. Revel. What is the amount and character of each carryforward? On May 8, they recognized a $9,650 short-term capital gain. On June 25, they recognized a $16,700 long-term capital loss. On February 11, they recognized a $2,480 long-term capital gain. On November 3, they recognized a $2,380 long-term capital loss. On April 2, they recognized a $6,150 long-term capital loss. On September 30, they recognized a $4,825 short-term capital loss. On January 12, they recognized a $6,150 short-term capital loss. On July 5, they recognized a $2,440 long-term capital gain.
Homework Answers
solution:
| ans a | |
| Long term capital loss | -16700 |
| Short Term Capital gain | 9650 |
| Net long tem capital loss | -7050 |
| Limit is upto $3000 | |
| AGI | 253600 |
| Less: Deductions | -3000 |
| Adjusted AGI | 250600 |
| Carryforward | 4050 |
| ans b | |
| Long term capital loss | -2380 |
| Long Term Capital gain | 2480 |
| Net long tem capital loss | 100 |
| AGI | 253600 |
| Less: Deductions | -100 |
| Adjusted AGI | 253500 |
| ANS c | |
| Short term capital loss | -4825 |
| Long Term Capital gain | -6150 |
| Net long tem capital loss | -10975 |
| deduction upto $3000 | |
| AGI | 253600 |
| Less: Deductions | -3000 |
| Adjusted AGI | 250600 |
| Carryforward (10975-3000) | 7975 |
| ans d | |
| Short term capital loss | -6150 |
| Long Term Capital gain | 2440 |
| Net long tem capital loss | -3710 |
| deduction upto $3000 | |
| AGI | 253600 |
| Less: Deductions | -3000 |
| Adjusted AGI | 250600 |
| Carryforward (3710-3000) | 710 |
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