Warren's 2018 adjusted gross income consists of the following items:
?
Warren's combined §1231 gains and losses recognized over the prior five tax years included a net loss of $10,000. The STCL carryover arose from a loss reported in 2013.
What net amounts of ordinary income, LTCG income and STCG income will Warren's 2018 adjusted gross income consist of? (i.e. what amounts are reported after completing the netting process?)
Ordinary
Income LTCG STCG
A) $208,000 $16,000 $- 0 -
B) $217,000 $14,000 $(7,000)
C) $208,000 $23,000 $(7,000)
D) $217,000 $7,000 $- 0 -
Correct Answer:
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