Question

Chapter 7 a-d

Required information [The following information applies to the questions displayed below) Grayson is in the 24 percent tax rate bracket and has sold the following stocks in 2018: (Loss amounts should be indicated by a minus sign.) $ Description Date Purchased Stock A 1/23/1994 Stock B 4/10/2018 Stock C. 8/23/2016 Stock D 5/19/2008 Stock E 8/20/2018 Basis 8,350 16,200 13,500 6,119 8,070 Date Sold 7/22/2018 9/13/2018 10/12/2018 10/12/2018 11/14/2018 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 < Prey 3 4 5 6 of 6 Next >

Answer 1

+ Ctrayson is in the 247 Tax Ra le boucket @ Net short term capital gain or LOSS $50 Loss. Gican (6) Net long term capital Gen or Loss $10510 (c) Net capital gain or loss. 10460 Glen (d) 10460 Amount (subject to preferential saite) Gicain (Loss) Stocks Holding Perlog Long term short tem Long term Long tem short-fem Amount Realized s 5380 20170 19040 140SO 4050 Basis 8350 16200 13 500 6110 8070 (2970) 3970 5540 7940 - (4020) (a) net short term cap. Grain or LOSS $3970 - 4020 $50 Net short term loss. (6) Het long tom capital Goln /(Loss) - 2970 + 5540 + 7940 is 10510 Net long team Grain (o s 10510 - $50 - 6 104601 Is 10460