T had the following results from business transactions during the year: 1245 Recapture $10,000 Casualty loss...

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T had the following results from business transactions during the year: 1245 Recapture $10,000 Casualty loss $(6,000) Casualty Gain $11,000 Condemnation Gain $5,000 1231 Gain $5,000 1231 Loss $(12,000) LTCG $12,000 LTCL $(25,000) STCG $7,000 STCL $(5,000) What is T's overall change in AGI? If gain, what portion is taxed at marginal rates? If gain, what portion is taxed at capital rates? Capital loss deduction, if any? Capital loss carryfoward, if any? Edit View Insert Format Tools Table 12pt v Paragraph BIU A V T²v AT2: T had the following results from business transactions during the year: 1245 Recapture $10,000 Casualty loss $(6,000) Casualty Gain $11,000 Condemnation Gain $5,000 1231 Gain $5,000 1231 Loss $(12,000) LTCG $12,000 LTCL $(25,000) STCG $7,000 STCL $(5,000) What is T's overall change in AGI? If gain, what portion is taxed at marginal rates? If gain, what portion is taxed at capital rates? Capital loss deduction, if any? Capital loss carryfoward, if any? Edit View Insert Format Tools Table 12pt v Paragraph BIU A V T²v AT2:

Answer rating: 100% (QA)

To determine Ts overall change in Adjusted Gross Income AGI and the tax treatment of gains and losses we need to calculate the net gain or loss and co... View the full answer