During 2013,William sold the following capital assets:
Description
ABC Stock
123 Bond Fund
Dune buggy
Antique chair
Calculate the following:
a.Total short-term capital gain/loss realized for tax purposes
b.Total long-term capital gain/loss realized for tax purposes
c.Deductible capital gain/loss
d.The amount and nature short-term or long-term)of his capital loss carryforward
e.Assuming that William has no capital gain or loss for 2014,how much can he deduct in 2014 and what is the amount and nature of any carryforward to 2015?
Correct Answer:
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