Subject: acounting In 2022, Taxpayer (TP) realized the following:W2 incomeLoss on sale of A Corp. stock (IP owned for 18 months)Loss on sale of B Corp Stock (TP owned for 11 months)Gain on sale of C Corp. Stock (TP owned for 13 months)Gam on sale of D Corp Stock (TP owned for one year)QUESTION: What is the amount of TP's realized long term capital gain or loss, realized short term capital gain or loss, and realized net capital gain or loss? (Note: all amounts areassumed to be realized.)Multiple Choice60,000(10,000)(16,000)21,00010,000Long term capital gain $10,000; short term capital loss ($5,000), and net capital gain $5,000.Long term capital gain $11,000; short term capitel loss ($6,000), and net capital gain $5,000.Long term capital gain $3,000; short term capital gain $2.000, and net capital loss ($5,000)Long term capital gain $3,000, short term capital gain $2,000, and net capital gain $5,000None of the other choices are correct

When we sale our assets for more than the adjusted basis, it's capital gain and when we sale our…

Loss on sale of A Corp, stock (IP owned for 18 months) Loss on sale of B Corp Stock (TP owned for 11 months) Gain on sale of C Corp. Stock (TP owned for 13 months) Gain on sale of D Corp Stock (TP owned for one year) (10,000) (16,000) 21,000 10,000 QUESTION: What is the amount of TP's realized long term capital gain or loss, realized short term capital gain or loss, and realized net capital gain or loss? (Note: all a assumed to be realized) Multiple Choice

Loss on sale of A Corp, stock (IP owned for 18 months) Loss on sale of B Corp Stock (TP owned for 11 months) Gain on sale of C Corp. Stock (TP owned for 13 months) Gain on sale of D Corp Stock (TP owned for one year) (10,000) (16,000) 21,000 10,000 QUESTION: What is the amount of TP's realized long term capital gain or loss, realized short term capital gain or loss, and realized net capital gain or loss? (Note: all a assumed to be realized) Multiple Choice

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 30CE

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