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Chen Had the Following Capital Asset Transactions During 2016 What Is the Adjusted Net Capital Gain or Loss and

Question 103

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Chen had the following capital asset transactions during 2016:
 Date acquired Date sold Basis Sales Price Sydney stock 2/5/20113/2/2016$5,000$7,000 Lawrence stock 4/2/20135/1/201610,00014,500 Collectibles 9/1/20149/1/20163001,000 Autumnstock 1/2/20168/1/20166.7005,500\begin{array}{lcccc}&\text { Date acquired}&\text { Date sold}&\text { Basis}&\text { Sales Price}\\\text { Sydney stock } & 2 / 5 / 2011 & 3 / 2 / 2016 & \$ 5,000 & \$ 7,000 \\\text { Lawrence stock } & 4 / 2 / 2013 & 5 / 1 / 2016 & 10,000 & 14,500 \\\text { Collectibles } & 9 / 1 / 2014 & 9 / 1 / 2016 & 300 & 1,000 \\\text { Autumnstock } & 1 / 2 / 2016 & 8 / 1 / 2016 & 6.700 & 5,500\end{array}
What is the adjusted net capital gain or loss and the related tax due to the above transactions, assuming Chen has a 25% marginal tax rate?

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