Required information [The following information applies to the questions display

Question

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.) Amount Description Date Purchased Basis 1/23/1994 7,250 Stock A Stock B Stock C Stock D Stock E Date Sold Realized 7/22/2018 4,500 4/10/2818 14,000 9/13/2018 17,500 15,300 12,400 3,500 8/23/2016 10,758 10/12/2818 5,23010/12/2018 7,300 11/14/2018 5/19/2008 8/20/2018 es b. What is Grayson's net long-term gain or loss from these transactions? Net long-term capital gain or loss

Explanation / Answer

Description Purchase Date Cost Date sold Amount realized Gain Period of holding (Sale date less purchase date) category Stock A 23-Jan-94     7,250 22-Jul-18                       4,500 (2,750)                                        8,946 Long term Stock B 10-Apr-18 14,000 13-Sep-18                    17,500    3,500                                           156 Short term Stock C 23-Aug-16 10,750 12-Oct-18                    15,300    4,550                                           780 Long term Stock D 19-May-08     5,230 12-Oct-18                    12,400    7,170                                        3,798 Long term Stock E 20-Aug-18     7,300 14-Nov-18                       3,500 (3,800)                                             86 Short term Net Long term gain= 8970 If holding period is more than 1 year (365 days), then it is treated as long term

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