Faith, who is single, sells the following assets during 2021: 20,000 shares of qualified small business stock

Question:

Faith, who is single, sells the following assets during 2021:

20,000 shares of qualified small business stock at a loss of $62,000. Faith bought the stock in 2016. 

1,200 shares of Geelong Industries at a gain of $4,500. Faith bought the stock in 2018.
An XZ10 sailboat at a loss of $3,500. Faith acquired the boat, which she used in her leisure hours, in 2017.
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 2021 and sells it to her brother.
75 shares of Fitzroy Corporation at a loss of $300. Faith bought the stock in 2017 and sells it to her sister.

Calculate Faith's net capital gain (loss) for 2021.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Concepts In Federal Taxation 2022

ISBN: 9780357515785

29th Edition

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

Question Posted: