Scott Bean Is a Computer Programmer and Incurred the Following
Question 88
Question 88
Essay
Scott Bean is a computer programmer and incurred the following transactions last year. Provo City Bonds* Cisco Preferred Stock Dreyer’s Grand Ice Cream Stock Novell Common IBM Stock ABC Common Prior year ST Capital Loss Carryforward Prior year LT Capital Loss Carryforward ∗ Purchased when originally issued by Provo City Sales Price $10,00025,00014,0002,0004,0006,0005,5005,000 Basis $5,0006,00010,00010,0003,0009,000 Purchased 11/1/20107/15/20057/1/20132/12/20118/2/20025/30/2012 Sold 5/2/20141/12/20144/20/201411/29/20145/2/201410/20/2014 What is the Net Short-Term Capital Gain/Loss reported on the 2014 Schedule D? What is the Net Long-Term Capital Gain/Loss reported on the 2014 Schedule D? What amount of capital gain is subject to the preferential capital gains rate?
Correct Answer:
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$1,500 net short-term capital loss is re...
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