Question: Scott Bean is a computer programmer and had the following investment transactions in 2020: Sales Price Basis Purchased Sold Provo City Bonds $ 10,000 $
Scott Bean is a computer programmer and had the following investment transactions in 2020:
| Sales Price | Basis | Purchased | Sold | |
|---|---|---|---|---|
| Provo City Bonds | $ 10,000 | $ 5,000 | 11/1/2016 | 5/2/2020 |
| Cisco Preferred Stock | 25,000 | 6,000 | 7/15/2011 | 1/12/2020 |
| Dreyer's Grand Ice Cream Stock | 14,000 | 10,000 | 7/1/2019 | 4/20/2020 |
| Novell Common | 2,000 | 10,000 | 2/12/2017 | 11/29/2020 |
| IBM Stock | 4,000 | 3,000 | 8/2/2008 | 5/2/2020 |
| ABC Common | 6,000 | 9,000 | 5/30/2018 | 10/20/2020 |
- What is the net short-term capital gain/loss reported on the 2020 Schedule D?
- What is the net long-term capital gain/loss reported on the 2020 Schedule D?
- What amount of capital gain is subject to the preferential capital gains rate?
- What amount of capital gain is subject to ordinary tax rates?
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