Phil, a cash-basis taxpayer, sells the following marketable securities, which are capital assets during 2023. Determine whether the gains or losses are long-term or short-term. Also determine the net capital gain and adjusted net capital gain for 2023.

Transcribed Image Text:

Capital Asset Basis Trade Date Sales Date Acquired in 2023 Price ABC $40,000 Feb. 10, 2022 Aug. 12 $52,000 20,000 Dec. 5, 2022 May 2 17,000 30,000 Apr. 9, 2021 Dec. 10 37,400