Compute the realized and recognized gain or loss for each of the following transactions and classify...

Transcribed Image Text:

Compute the realized and recognized gain or loss for each of the following transactions and classify as short-term or long-term: a. Marge, a single taxpayer, receives $8,000 for the sale of stock she purchased six years ago for $3,000. b. Lisa, a single taxpayer, receives $3,000 for the sale of stock she purchased six months ago for $8,000. c. Bart and Maggie, married filing jointly taxpayers, receive $3,000 for the sale of stock they purchased three years ago for $10,000. d. Homer, a single taxpayer, receives $12,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four months ago for $16,000. e. Mo, a single taxpayer, receives $16,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four years ago for $12,000. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) P b. C d. e. $ 5,000 6969 Gain/(loss) Realized 69 -5,000 -7,000 -4,000 4,000 Gain/(loss) Recognized $ 5,000 4,000 X X Long-term/ Short-term Long-term Short-term Long-term Short-term Long-term P Compute the realized and recognized gain or loss for each of the following transactions and classify as short-term or long-term: a. Marge, a single taxpayer, receives $8,000 for the sale of stock she purchased six years ago for $3,000. b. Lisa, a single taxpayer, receives $3,000 for the sale of stock she purchased six months ago for $8,000. c. Bart and Maggie, married filing jointly taxpayers, receive $3,000 for the sale of stock they purchased three years ago for $10,000. d. Homer, a single taxpayer, receives $12,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four months ago for $16,000. e. Mo, a single taxpayer, receives $16,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four years ago for $12,000. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) P b. C d. e. $ 5,000 6969 Gain/(loss) Realized 69 -5,000 -7,000 -4,000 4,000 Gain/(loss) Recognized $ 5,000 4,000 X X Long-term/ Short-term Long-term Short-term Long-term Short-term Long-term P

Answer rating: 100% (QA)

a Marge a single taxpayer receives 8000 for the sale of stock she purchased six years ago for 300... View the full answer