Melissa sells stock she purchased in 2004 for a $7,500 gain in 2014. In August 2014, she also sells land she purchased as an investment in December 2013 at a loss of $12,000. I. Melissa's tax on the $7,500 gain is $1,125. II. Melissa has a deductible capital loss of $3,000 in 2014.

Question

Quizplus · Accepted Answer

The Answer of Melissa sells stock she purchased in 2004 for a $7,500 gain in 2014. In August 2014, she also sells land she purchased as an investment in December 2013 at a loss of $12,000. I. Melissa's tax on the $7,500 gain is $1,125. II. Melissa has a deductible capital loss of $3,000 in 2014.

Melissa Sells Stock She Purchased in 2004 for a $7,500