Melissa sells stock she purchased in 2004 for a $7,500 gain in 2017.In August 2017,she also sells land she purchased as an investment in December 2016 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 2017.

Question

Melissa sells stock she purchased in 2004 for a $7,500 gain in 2017.In August 2017,she also sells land she purchased as an investment in December 2016 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 2017.
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Quizplus · Accepted Answer

The Answer of Melissa sells stock she purchased in 2004 for a $7,500 gain in 2017.In August 2017,she also sells land she purchased as an investment in December 2016 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 2017.
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Melissa Sells Stock She Purchased in 2004 for a $7,500