This is a 2 part question. I need help with the part bolded but have included th

Question

This is a 2 part question. I need help with the part bolded but have included the preceding problem information for your reference.

Refer to the preceding problem. Determine which of the four cases results in a capital loss carryforward for Mr. and Mr. R. What is the amount and character of each carryforward?

PRECEDING PROBLEM:::

Before considering their capital gains and losses, Mr. and Mrs. R had $128,000 AGI. For each of the following cases, compute their AGI.

a) On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss.

b) On February 11, they recognized a $2,100 long-term capital gain. On November 3, they recognized a $1,720 long-term capital loss.

c) On April 2, they recognized a $5,000 long-term capital loss. On September 30, they recognized a $4,800 short-term capital loss.

d) On January 12, they recognized a $5,600 short-term capital loss. On July 5, they recognized a $1,500 long-term capital gain.

Explanation / Answer

a ST Capital gain 8900 long term capital loss 15000 Net capital loss -6100 b Long term capital gain 2100 long term capital loss 1720 Net long term capital gain 380 c Long term capital loss 5000 Short term capital loss 4800 Net capital loss -9800 d Short Term capital loss 5600 Long term capital gain 1500 Net capital loss -4100

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.