Mrs. Beard recognized a $12,460 capital loss on the sale of corporate stock this year. How...
Mrs. Beard recognized a $12,460 capital loss on the sale of corporate stock this year. How much loss can she deduct in each of the following cases?
- She had no other capital transactions this year.
- She recognized a $3,950 capital gain on the sale of an antique rug and had no other capital transaction this year.
- She recognized a $15,780 capital gain on the sale of investment land and had no other capital transaction this year.
Homework Answers
Ans-a- Mrs. Beard can deduct $3,000 of the capital loss.
Ans-b- Mrs. Beard can deduct $6,950 of the capital loss ($3,950 capital gain + $3,000)
Ans-c- Mrs. Beard can deduct the entire $12,460 capital loss against her $15,780 capital gain.
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