Charu Khanna received a Form 1099-B showing the following stock transactions and basis during 2016: None of

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Charu Khanna received a Form 1099-B showing the following stock transactions and basis during 2016:

None of the stock is qualified small business stock. The stock basis was reported to the IRS. Calculate Charu's net capital gain or loss using Schedule D and Form 8949 on Pages 8-43 through 8-46.

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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Question Posted: Jul 19, 2017 11:02 AM

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Charu Khanna received a Form 1099-B showing the following stock transactions and basis during 2016: None of

Question:

Date Purchasea 06/04/05 02/12/16 02/04/06 11/15/15 Sales Cost Stock 4,000 shares Green Co. 500 shares Gold Co. 5,000 shares Blue Co. 100 shares Orange Co. Date Sold Price ($) Basis ($ 08/05/16 09/05/16 10/08/16 07/12/16 12,000 4,000 62,000 18,000 22,000 19,000 3,000 18,000

Step by Step Answer:

See Schedule D and Form 8949 below SCHEDULE D Form 1040 Department of the Treasury Internal Revenue Service 99 Names shown on return Capital Gains and Losses Attach to Form 1040 or Form 1040NR Informa...View the full answer

Income Tax Fundamentals 2017

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