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.
Step by Step Answer:
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher