Author Question: Joel has four transactions involving the sale of capital assets during the year resulting in a STCG ... (Read 111 times)

Alygatorr01285 · **on:** Sep 13, 2020

Question 1

Gertie has a NSTCL of $9,000 and a NLTCG of $5,500 during the current taxable year. After gains and losses are offset, Gertie reports

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Question 2

Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a result of these transactions, Joel will
◦ deduct net losses of $6,200 against ordinary income.
◦ deduct losses of $3,000 against ordinary income and carry $3,200 of STCL forward.
◦ deduct losses of $3,000 against ordinary income and carry $3,200 of LTCL forward.
◦ deduct losses of $3,000 against ordinary income and carry $3,200 of losses back two years.

blfontai · **Reply #1 on:** Sep 13, 2020

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