Faith, who is single, sells the following assets during 2011: 20,000 shares of qualified small business stock

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Faith, who is single, sells the following assets during 2011:
20,000 shares of qualified small business stock at a loss of $62,000. Faith bought the stock in 2006.
1,200 shares of Geelong Industries at a gain of $4,500. Faith bought the stock in 2008.
An XZ10 sailboat at a loss of $3,500. Faith acquired the boat, which she used in her leisure hours, in 2007.
A 1973 Holden Deluxe automobile at a gain of $3,700. Faith never used the car for business.
50 shares of Fremantle, Inc., at a gain of $1,300. Faith bought the stock in 2011 and sells it to her brother.
75 shares of Fitzroy Corporation at a loss of $300. Faith bought the stock in 2007 and sells it to her sister.

Calculate Faith’s net capital gain (loss) for 2011.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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