Problem 14-61 (b) (LO. 5)

Woody and Ruby are married and filing a joint return. They have combined wages of $135,000 in 2016. The couple's 2016 stock transactions are detailed in the following table. In addition, they have $6,200 of qualifying dividends.

Item		Date Acquired		Date Sold		Cost		Sales Price
Apple stock		02/10/15		01/14/16		$9,000		$5,000
Peach stock		04/23/14		01/05/16		$7,500		$3,000
Cherry stock		10/01/11		03/31/16		$13,000		$19,000
Banana stock		03/31/15		02/18/16		$22,000		$17,000
Orange stock		10/15/15		10/07/16		$9,000		$17,500
Plum stock		09/22/14		05/02/16		$2,000		$6,500

a. Determine the nature and amount of the gain or loss for each of the stock transactions.

Item	Type of Gain or Loss	Amount
Apple stock		$
Peach stock		$
Cherry stock		$
Banana stock		$
Orange stock		$
Plum stock		$

b. Woody and Ruby have a net short-term capital of $ and a net long-term capital of $. Consequently, there is a net of $.

Woody and Ruby's AGI is $.