In 2013, Bertha (head of household with three dependents) had a $28,000 loss from the sale of
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In addition, she had the following capital gains and losses from stock transactions:
Long-term capital loss........................................($ 6,000)
Long-term capital loss carryover from 2012...............(12,000)
Short-term capital gain..........................................21,000
Short-term capital loss........................................ (7,000)
What is Bertha's net capital gain or loss? Draft a letter to Bertha explaining the tax treatment f the sale of her personal residence. Assume that Bertha's income from other sources puts her in the 28% bracket. Bertha's address is 1120 West Street, Ashland, OR 97520.
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Related Book For
South Western Federal Taxation 2014 Comprehensive Volume
ISBN: 9781285180922
37th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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