During

$2$

$0$

$2$

$3$

$,$

$$Chaps McGee, S

$.$

S

$.$

#

$2$

$5$

$2$

$-$

$8$

$6$

$-$

$1$

$8$

$3$

$7$

$,$

$$completed the following stock transactions:

In addition to the above transactions, Mr

$.$

$$McGee also had the following items related to the preparation of

his

$2$

$0$

$2$

$3$

$$tax return:

A short

$-$

term capital loss carryforward from

$2$

$0$

$2$

$2$

$$of $

$4$

$,$

$6$

$0$

$0$

On June

$1$

$9$

$,$

$2$

$0$

$1$

$7$

$$Mr

$.$

$$McGee purchased one acre of land as an investment, located in Gwinnett

County, Georgia, at the intersection of Sugarloaf Parkway and Old Norcross Road. He paid

$

$3$

$9$

$0$

$,$

$0$

$0$

$0$

$,$

$$plus closing costs of $

$5$

$,$

$1$

$0$

$0$

$.$

$$On September

$3$

$0$

$,$

$2$

$0$

$2$

$3$

$,$

$$he sold this acre for $

$5$

$6$

$0$

$,$

$0$

$0$

$0$

$,$

less a

$1$

$0$

$\%$

$$real estate commission.

Mr

$.$

$$McGee is also a partner in Three Dogs Enterprises, a partnership. His share of the partnership's

long

$-$

term capital loss is $

$5$

$,$

$2$

$0$

$0$

$.$

Mr

$.$

$$McGee received a capital gain distribution of $

$3$

$5$

$0$

$$during

$2$

$0$

$2$

$3$

$$from the Vanguard Wellington

Mutual Fund.

Requirements:

Complete Mr

$.$

$$McGee$\text{'}$s

$2$

$0$

$2$

$3$

$$Schedule D

$($

assume cost basis was reported to the IRS

$)$

$$and Form

The forms must be hand written using a pencil.

How will Mr

$.$

$$McGee$\text{'}$s gain or loss affect his

$2$

$0$

$2$

$3$

$$tax calculation? If it is a loss, how much of the

loss is deductible? If it is a gain, how will the gain be taxed? Give a detailed answer.

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