To better understand the rules for offsetting capital losses and how to treat capital losses carried...

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To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2019 through 2022. No capital loss carryforwards are included in the figures. Requirement For each year, determine AGI and the capital losses to be carried forward to a later tax year. (If an input field is not used in the table leave the input field empty; do not enter a zero. Enter loss amounts as a positive number.) AGI (excluding property 2019 transactions) 54,000 Short-term capital gain (STCG) 3,000 Short-term capital loss (STCL) 10,500 Long-term capital gain (LTCG) 7,250 6,250 Long-term capital loss (LTCL) AGI (including property transactions) STCL to be carried forward LTCL to be carried forward K Bud received 200 shares of Georgia Corporation stock from his uncle as a gift on July 20, 2021, when the stock had a $45,000 fair market value (FMV). His uncle paid $30,000 for the stock on April 12, 2005. The taxable gift was $45,000, because his uncle made another gift to Bud for $20,000 in January and used the annual exclusion. The uncle paid a gift tax of $1,500. Without considering the transactions below, Bud's AGI is $45,000 in 2022. No other transactions involving capital assets occur during the year. Read the requirement. AGI prior to sale of stock + Gain (loss) on sale of stock = AGI a. 48000 + 30500 = b. 28000 + = C. 42000 + Requirement Analyze each transaction below, independent of the others, and determine Bud's AGI in each case. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar. Use a minus sign or parentheses to enter a loss.) a. He sells the stock on October 12, 2022, for $48,000. b. He sells the stock on October 12, 2022, for $28,000. c. He sells the stock on December 16, 2022, for $42,000. Print Done - - X To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2019 through 2022. No capital loss carryforwards are included in the figures. Requirement For each year, determine AGI and the capital losses to be carried forward to a later tax year. (If an input field is not used in the table leave the input field empty; do not enter a zero. Enter loss amounts as a positive number.) AGI (excluding property 2019 transactions) 54,000 Short-term capital gain (STCG) 3,000 Short-term capital loss (STCL) 10,500 Long-term capital gain (LTCG) 7,250 6,250 Long-term capital loss (LTCL) AGI (including property transactions) STCL to be carried forward LTCL to be carried forward K Bud received 200 shares of Georgia Corporation stock from his uncle as a gift on July 20, 2021, when the stock had a $45,000 fair market value (FMV). His uncle paid $30,000 for the stock on April 12, 2005. The taxable gift was $45,000, because his uncle made another gift to Bud for $20,000 in January and used the annual exclusion. The uncle paid a gift tax of $1,500. Without considering the transactions below, Bud's AGI is $45,000 in 2022. No other transactions involving capital assets occur during the year. Read the requirement. AGI prior to sale of stock + Gain (loss) on sale of stock = AGI a. 48000 + 30500 = b. 28000 + = C. 42000 + Requirement Analyze each transaction below, independent of the others, and determine Bud's AGI in each case. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar. Use a minus sign or parentheses to enter a loss.) a. He sells the stock on October 12, 2022, for $48,000. b. He sells the stock on October 12, 2022, for $28,000. c. He sells the stock on December 16, 2022, for $42,000. Print Done - - X