Question: what is code X on 8949? there is an asset with a note saying cash in lieu and proceeds sold was $30 with no basis

what is code X on 8949? there is an asset with a note saying cash in lieu and proceeds sold was $30 with no basis or date acquired on 1099 consolidated? what is this code x and is this a short term gain or long term?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Tax Return for Individual Compute Marias net federal tax payable or refund due for 2018. If she incurs a penalty, she wants to pay it with her tax return. If she is to receive a tax refund, she wants...

Numbers: Wages, salaries, tips, etc. $__________ Taxable interest $__________ Taxable dividends $__________ Business income or (deductible loss) $__________ Capital gain or (deductible loss)...

a. All sales Michael L. (SSN 374-47-7774) and Joyce A. (SSN 642-81-9982) Sea, both age 38, file a joint tax return. They sold the following investments during the year. reported to the Seas on Form...

Please can I get help with this question for my tax class. A Form 1040-SR, Schedule D and Form 8949 is needed for this assignment. I have also poseted the forms. This is the Exhibit 4.2 on page 4-26...

During 2021. your clients, Mr. and Mrs. Howell, owned the following investment assets: Broker's Contrission. Pald at Investment Assets Date Acquired Purchase Price Time of Purchase 300 shares of IBM...

Note: This problem is for the 2020 tax year. Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201...

Check my work 2 Required information Comprehensive Problem 07-63 (LO 07-1, LO 07-2, LO 07-3, LO 07-4) (Algo) (The following information applies to the questions displayed below.] Part 2012 Part 2 of...

NEED THIS ANSWERED RAPIDLY PLEASE. Michael and Jeanette Boyds Tax Return Michael D. and Jeanette S. Boyd live with their family at the Rock Glen House Bed & Breakfast, which Michael operates. The Bed...

Please help. i need this answered urgently. Michael and Jeanette Boyds Tax Return Michael D. and Jeanette S. Boyd live with their family at the Rock Glen House Bed & Breakfast, which Michael...

Gregory and Lulu Clifden's Tax Return Gregory R. and Lulu B. Clifden live with their family at the Rock Glen House Bed & Breakfast, which Gregory operates. The Bed & Breakfast (B&B) is located at...

Determine the stretch in each of the two springs required to hold the crate of mass mc in the equilibrium position shown. Each spring has an unstretched length δ and a stiffness k. Given: mc =...

What is the most likely product of the following reaction? assume 1eq II IV V

10. What account should be debited for transportation charges related to equipment purchases?

Scenario: A Multi-national Corporation called The Globe has created a subsidiary called Thirst in an under-developed country called non-potable waters. This hosting country suffers from a severe...

Technology. You, as student body president,have been asked to emcee the Fourth Annual Senior Awards Banquet in three months. In this capacity, you will be introducing a local businessperson of your...

How can the Internet be helpful in a job search? (Objective 2)

What information should you list on your Experience inventory that will prepare you to write the Experience section of a rsum?