Marvin and Tracy Peery’s 2019 taxable income is $87,830 before considering the effect of their investment activities. The details of their 2019 sales of investment assets follow:

The Form 1099 Marvin and Tracy received from their broker indicated total sales of $30,325 (i.e., sales were reported net of commissions). In addition, on July 19, Marvin sells a Barry Sanders football card for $600. He paid $20 for the card in June 2006.

Marvin and Tracy ask you to prepare their 2019 Schedule D. Their 2018 schedule D indicates that they had a $4,500 net long-term capital loss in 2018. Marvin’s Social Security number is 567-22-3495 and Tracy’s is 654-33-8790. Forms and instructions can be downloaded from the IRS Web site (www.irs.gov).

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Sale Purchase Sales Commissions Security Date Date Price Paid Basis Jobe Tool Inc. Gilly Corporation Skyelab Inc. 02/19/19 11/15/18 $14,500 04/30/19 03/02/17 $ 8,800 12/14/19 04/30/17 $ 8,000 $400 $11,000 $ 2,900 $ 8,525 $300 $275