Scott Bean is a computer programmer and had the following investment transactions in 2020: Sales Price Basis
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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 | $ 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?
Related Book For
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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