Phil, a cash-basis taxpayer, sells the following marketable securities, which are capital assets during 2015. Determine whether the gains or losses are long-term or short-term. Also determine the net capital gain and adjusted net capital gain for 2015.

Transcribed Image Text:

Capital Asset Basis Date Acquired Trade Date in 2015 Sales Price $40,000 Feb. 10, 2014 Aug 12 20,000 Dec. 5, 2014 May 2 30,000 Apr. 9, 2013 Dec. 10 $52,000 17,000 37,400