FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Contingent Liabilities and Provisions
A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the conting…
Question

4

Compute the realized and recognized gain or loss for each of the following transactions and classify as short-term or long-term: a. Marge, a single taxpayer, receives $8,000 for the sale of stock she purchased six years ago for $3,000. b. Lisa, a single taxpayer, receives $3,000 for the sale of stock she purchased six months ago for $8,000. c. Bart and Maggie, married filing jointly taxpayers, receive $3,000 for the sale of stock they purchased three years ago for $10,000. d. Homer, a single taxpayer, receives $12,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four months ago for $16,000. e. Mo, a single taxpayer, receives $16,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four years ago for $12,000. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) P b. C₂ d. e. $ 5,000 6969 Gain/(loss) Realized 69 -5,000 -7,000 -4,000 4,000 Gain/(loss) Recognized $ 5,000 4,000 X X Long-term/ Short-term Long-term Short-term Long-term Short-term Long-term P
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Transcribed Image Text:Compute the realized and recognized gain or loss for each of the following transactions and classify as short-term or long-term: a. Marge, a single taxpayer, receives $8,000 for the sale of stock she purchased six years ago for $3,000. b. Lisa, a single taxpayer, receives $3,000 for the sale of stock she purchased six months ago for $8,000. c. Bart and Maggie, married filing jointly taxpayers, receive $3,000 for the sale of stock they purchased three years ago for $10,000. d. Homer, a single taxpayer, receives $12,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four months ago for $16,000. e. Mo, a single taxpayer, receives $16,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four years ago for $12,000. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) P b. C₂ d. e. $ 5,000 6969 Gain/(loss) Realized 69 -5,000 -7,000 -4,000 4,000 Gain/(loss) Recognized $ 5,000 4,000 X X Long-term/ Short-term Long-term Short-term Long-term Short-term Long-term P
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