Angela sold her personal auto in 2022 for $8,000. She purchased the car for $26,000 in 2015.
Question:
Angela sold her personal auto in 2022 for $8,000. She purchased the car for $26,000 in 2015. She has long-term capital gains of $4,000 from the sale of stock in 2022. What is Angela’s net recognized capital gain or loss in 2022?
a. Gain of $4,000
b. Gain of $1,000
c. Loss of $14,000
d. Loss of $3,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
A Perso...View the full answer
Answered By
Fahmin Arakkal
Tutoring and Contributing expert question and answers to teachers and students.
Primarily oversees the Heat and Mass Transfer contents presented on websites and blogs.
Responsible for Creating, Editing, Updating all contents related Chemical Engineering in
latex language
4.40+
8+ Reviews
22+ Question Solved
Related Book For
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
Question Posted:
Students also viewed these Social Science questions
-
The 2010 U.S. Census asked every household to report information on each person living there. Suppose for a sample of 30 households selected, the number of persons living in each was reported as...
-
Angela analyzes her personal budget and decides that she can reduce her recreational spending by $50 per month. How much will that increase her annual savings? What will her annual savings be now?
-
Angela makes a budget based on her personal cash flow statement. In two months, she must pay $ 375 for tags and taxes on her car. How will this payment affect her net cash flow for that month?...
-
What are the premises for successful paleostress analysis?
-
The U.S. Department of Labor collects data on unemployment insurance payments made to unemployed people in different states. Suppose that during 2011 a random sample of 1000 unemployed people in...
-
A simple random sample of size 20 is drawn from a population that is known to be normally distributed. The sample variance, \(s^{2}\), is determined to be 12.8 . Construct a \(90 \%\) confidence...
-
Look at the visualization titled "Changing Face of America" (the second visualization on the page). This is a new kind of visualization in which the total for each year is scaled to $100 %$, and the...
-
Vincent Cuomo is the credit manager for the Fine Fabrics Mill. He is currently faced with the question of whether to extend $100,000 of credit to a potential new customer, a dress manufacturer....
-
Design a power transmission system to connect a DC motor to its load. The motor is given in the motor catalogue as a BM1400 motor. You must create a transmission which will connect to this motor and...
-
Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 36,500 miles. Management also believes that the standard deviation is 5000 miles and that tire mileage is...
-
On May 1, 2022, Ella leases her condo to Fitz for a 12-month lease period starting May 1 for $1,000 per month. Ella requires that Fitz pay first months rent, last months rent and a $1,000 security...
-
If an individual taxpayer generates a net capital loss in excess of $3,000 in 2022: a. The loss can be carried back for 3 years and forward for 5 years b. The loss can be carried back for 2 years and...
-
The JetGo Company is a major fixed-base operator (FBO) at a regional airport. Management estimates that the demand for the jet fuel is given by the equation: QJF = 10,000 2,000PJF + 0.2Y + 200PC...
-
If a customer loses a debit card and others use it to make unauthorized purchases, how much is the customer required to pay?
-
Aston has a checking account in Banner Bank. He writes a check on the account payable to Charlotte. When the check is presented for payment, Banner will be liable to Aston if the bank a. pays the...
-
An American buys a pair of shoes made in Italy. How do the U.S. national income accounts treat the transaction? a. Net exports and GDP both rise. b. Net exports and GDP both fall. c. Net exports...
-
What types of cultural differences can business managers experience? Give examples.
-
One reason the short-run aggregate-supply curve slopes upward is that a higher price level a. raises nominal wages if real wages are sticky. b. reduces nominal wages if real wages are sticky. c....
-
Identify the different departments in a company and why they must work together to achieve success.
-
Identify the source of funds within Micro Credit? How does this differ from traditional sources of financing? What internal and external governance mechanisms are in place in Micro Credit?
-
Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2018. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no...
-
Margaret and her sister support their mother and together provide 85 percent of their mothers support. If Margaret provides 40 percent of her mothers support: a. Her sister is the only one who can...
-
Margaret, age 65, and John, age 62, are married with a 23-year-old daughter who lives in their home. They provide over half of their daughters support, and their daughter earned $4,100 this year from...
-
(1) Tesla had stated that its annual production target for 2030 is 30 million electric vehicles. (a) What are the key constraints that Tesla faces in trying to achieve this target? (b) Is this...
-
14. Create a one variable Data Table from what you just copied and pasted giving the total sales for each department, and the Largest Sale from each department. Start your Criteria range in cell A1....
-
What PEST (Political, Economic, Social or Technological) trend or issue has had the most impact on the role of the Sales Professional?
Study smarter with the SolutionInn App