Genevieve sold 300 shares of stock on June 13,2017 for $52,400.She purchased the shares on the following dates:
$\begin{array}{ll}
\text { December } 19,2014 & 130 \text { shares @ } \$ 90 \text { per share } \
\text { February } 13,2015 & 80 \text { shares @ } \$ 80 \text { per share } \
\text { November } 21,2016 & 140 \text { shares @ } \$ 70 \text { per share }
\end{array}$ Assume these shares of stock sold were her only net investment income for 2017.(Round your answer by 2 decimal places. )
a.Determine the amount and character of the recognized gains or losses on the sale of the stock.
b.If Genevieve is in the 33% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?
c.If Genevieve is in the 15% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?
d.If Genevieve is in the 39.6% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?

Question

Genevieve sold 300 shares of stock on June 13,2017 for $52,400.She purchased the shares on the following dates:
 $\begin{array}{ll}
\text { December } 19,2014 & 130 \text { shares @ } \$ 90 \text { per share } \
\text { February } 13,2015 & 80 \text { shares @ } \$ 80 \text { per share } \
\text { November } 21,2016 & 140 \text { shares @ } \$ 70 \text { per share }
\end{array}$ Assume these shares of stock sold were her only net investment income for 2017.(Round your answer by 2 decimal places. )
a.Determine the amount and character of the recognized gains or losses on the sale of the stock.
b.If Genevieve is in the 33% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?
c.If Genevieve is in the 15% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?
d.If Genevieve is in the 39.6% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?

Quizplus · Accepted Answer

The Answer of Genevieve sold 300 shares of stock on June 13,2017 for $52,400.She purchased the shares on the following dates:
 $\begin{array}{ll}
\text { December } 19,2014 & 130 \text { shares @ } \$ 90 \text { per share } \
\text { February } 13,2015 & 80 \text { shares @ } \$ 80 \text { per share } \
\text { November } 21,2016 & 140 \text { shares @ } \$ 70 \text { per share }
\end{array}$ Assume these shares of stock sold were her only net investment income for 2017.(Round your answer by 2 decimal places. )
a.Determine the amount and character of the recognized gains or losses on the sale of the stock.
b.If Genevieve is in the 33% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?
c.If Genevieve is in the 15% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?
d.If Genevieve is in the 39.6% tax bracket,what is the amount of tax assessed on the sale of the stock considered long term?

Genevieve Sold 300 Shares of Stock on June 13,2017 for $52,400.She