The answers for Net short term capital gain and Net Long term capital loss are n

Question

The answers for Net short term capital gain and Net Long term capital loss are not correct. Please help me.

During 2015, George receives a $60,000 salary and has no deductions for AGI. In 2014, George had a $5,500

STCL available and no other capital losses or capital gains. Consider the following sales.

An automobile purchased in 2010 for $11,200 and held for personal use is sold for $9,000.

On April 10, 2015, stock held for investment is sold for $30,000. The stock was acquired on November 20, 2014, for $16,000

Requirement

Determine George's AGI for 2015. (Assume that the 2014 STCL of $5,500 is before George has taken any capital loss deduction in 2014. Complete all answer boxes. Enter a "0" for any zero-balances.)

2015

Salary                                                                   ?

Net short-term capital gain (loss)                        ?

Net long-term capital gain (loss)                        ?

Total AGI                                                            ?

Hope this helps

Salary $      60,000 STCL available $     (5,500) Purchase price of stock $     16,000 Selling price of stock $     30,000 Gain on sale of stock $    14,000 Net short term capital gain = 14000 - 5500 $        8,500 LTCL Automobile Purchase price $       11,200 Selling price $        9,000 Net Long term capital loss $       (2,200) Total AGI $       66,300

Explanation / Answer

Particulars                 Amount

Salary    $ 60,000

Sold                 $30,000

Less:

Purchase         $16,000

                    ___________

Gain             $14,000        

Less:

STCL available      $2,500               

                    ___________

Net short gain $11,500

__________________________________________________________

Total AGI $71,500

__________________________________________________________

Note:

Long term capital loss sold out for personal use not to calculated in AGI.

STCL available :

2014 before Calculating any deduction is $5,500 but maximum limit to carry forward is $3,000

so 2014 George deduct $3,000.

$5,500 - $3,000. = $2,500

2015 = $2,500(STCL available )

______________________________________________________________________________________

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