Summer Rain moved to Europe and sold the following items prior to leaving:

Summer has been carrying forward an LPP loss of $5,000 for the past 5 years. She had no capital gains in the past three years, so no losses can be carried back.


Required:

Calculate the tax consequences of Greta's sales transactions and, indicate any loss carry-forwards that are still available and when they expire.

Transcribed Image Text:

Original Cost proceeds 2015 vehicle 24000 10,000 antique cabinet 1000 2000 three rare coins 100 1100 shares in a public corporation 4000 3000 boat 500 600 limited edition painting 800 2500 sculpture 1100 900 Original Cost proceeds 2015 vehicle 24000 10,000 antique cabinet 1000 2000 three rare coins 100 1100 shares in a public corporation 4000 3000 boat 500 600 limited edition painting 800 2500 sculpture 1100 900

Answer rating: 100% (QA)

Prior to the implementation of the Tax Cuts and Jobs Act TCJA in 2018 the Internal Revenue Service I... View the full answer