Jonathan incurs the following transaction during 2012. without considering the f
ID: 2372129 • Letter: J
Question
Jonathan incurs the following transaction during 2012. without considering the following transaction, his 2012 AGI is 40000. Analyse the transactions and answer the questions below.
on March 10, 2012 he sells a painting for 2000. Jonathan is the artist and he completed the painting in 1997. He never used the painting on the walls of his home and always kept it stored in his closet for safekeeping. He felt that the painting would someday be a lot of money.Needing the money, he sold the painting in 2012. His basis for the painting, including the frame, is $50.
on June 18, 2012, he receives 28500 from the sale of stock purchased by his uncle in 1992 for 10000. he inherited this stock on June 19, 2011 as a result of his uncle's death. the fair market value of the stock on his date of death was 30000.
on July 30 2012 he sells land for 25000. this land was received as a gift from his brother on April 8 2011, when the land's fair market value was 30000. his brother purchased the land for 43000 on October 8 1994. No gift tax was paid by his brother.
1- what is his NSTCL or NSTCG?
2- whatis hs NLTCL or NLTCG?
3- what is the $$$ effect of capital gains(losses) on his AGI?
Explanation / Answer
1- None
2- NLTCL= 6500
3- Reduced by 3000
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