At the end of the current year, Falstaff sold for $4,800 General Martin stock that was purchased 5 months ago for $4,000.He also sold Cedar stock for $6,000 at the same time.The Cedar stock cost $4,000, 2 years ago.In addition, Falstaff has a short-term capital loss of $500 on the sale of silver.
a.Calculate the amount of Falstaff's net short-term and net long-term capital gain or loss.
b.If Falstaff has a net capital gain, what is the maximum rate at which the gain will be taxed?

Question

Quizplus · Accepted Answer

The Answer of At the end of the current year, Falstaff sold for $4,800 General Martin stock that was purchased 5 months ago for $4,000.He also sold Cedar stock for $6,000 at the same time.The Cedar stock cost $4,000, 2 years ago.In addition, Falstaff has a short-term capital loss of $500 on the sale of silver.
a.Calculate the amount of Falstaff's net short-term and net long-term capital gain or loss.
b.If Falstaff has a net capital gain, what is the maximum rate at which the gain will be taxed?

At the End of the Current Year, Falstaff Sold for $4,800