Question
In: Accounting
Juan (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indicated by a minus sign.)
Juan (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indicated by a minus sign.)
| Description | Date Purchased | Basis | Date Sold | Amount Realized | ||||
| Stock A | 1/23/1995 | $ | 7,850 | 7/22/2019 | $ | 4,980 | ||
| Stock B | 4/10/2019 | 15,200 | 9/13/2019 | 18,970 | ||||
| Stock C | 8/23/2017 | 12,250 | 10/12/2019 | 17,340 | ||||
| Stock D | 5/19/2009 | 5,710 | 10/12/2019 | 13,300 | ||||
| Stock E | 8/20/2019 | 7,720 | 11/14/2019 | 3,800 | ||||
c. What is Juan’s overall net gain or loss from these transactions?
Net capital gain or loss: ?
Solutions
Expert Solution
| Description | Date Purchased | Basis-B $ | Date Sold | Amount Realized- A $ | Gain or (loss) A-B | Nature | ||
| Stock A | 1/23/1995 | 7,850 | 7/22/2019 | 4,980 | - 2,870 | Long Term | ||
| Stock B | 04/10/2019 | 15,200 | 9/13/2019 | 18,970 | 3,770 | Short Term | ||
| Stock C | 8/23/2017 | 12,250 | 10/12/2019 | 17,340 | 5,090 | Long Term | ||
| Stock D | 5/19/2009 | 5,710 | 10/12/2019 | 13,300 | 7,590 | Long Term | ||
| Stock E | 8/20/2019 | 7,720 | 11/14/2019 | 3,800 | - 3,920 | Short Term | ||
| Total | 48,730 | 58,390 | 9,660 | |||||
| Net Capital Gain or ( loss ) is $ 9,660 . | ||||||||
ekkarill92 answered 1 year agoRelated Solutions
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks...
Grayson (single) is in the 24 percent tax rate bracket and has
sold the following stocks in 2019: (Loss amounts should be
indicated by a minus sign.
Description
Date Purchased
Basis
Date Sold
Amount Realized
Stock A
1/23/1995
$
7,250
7/22/2019
$
4,500
Stock B
4/10/2019
14,000
9/13/2019
17,500
Stock C
8/23/2017
10,750
10/12/2019
15,300
Stock D
5/19/2009
5,230
10/12/2019
12,400
Stock E
8/20/2019
7,300
11/14/2019
3,500
c. What is Grayson’s overall net gain or loss
from these transactions?
d....
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks...
Grayson (single) is in the 24 percent tax rate bracket and has
sold the following stocks in 2019: (Loss amounts should be
indicated by a minus sign.)
Description
Date Purchased
Basis
Date Sold
Amount Realized
Stock A
1/23/1995
$
7,950
7/22/2019
$
5,060
Stock B
4/10/2019
15,400
9/13/2019
19,210
Stock C
8/23/2017
12,500
10/12/2019
17,680
Stock D
5/19/2009
5,790
10/12/2019
13,450
Stock E
8/20/2019
7,790
11/14/2019
3,850
a. What is Grayson’s net short-term capital
gain or loss from these transactions?...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks...
Grayson (single) is in the 24 percent tax rate bracket and has
sold the following stocks in 2020: (Loss amounts should be
indicated by a minus sign.)
Description
Date Purchased
Basis
Date Sold
Amount Realized
Stock A
1/23/1996
$
8,000
7/22/2020
$
5,100
Stock B
4/10/2020
15,500
9/13/2020
19,330
Stock C
8/23/2018
12,625
10/12/2020
17,850
Stock D
5/19/2010
5,830
10/12/2020
13,525
Stock E
8/20/2020
7,825
11/14/2020
3,875
Problem 7-46 Part-a (Algo)
a. What is Grayson’s net short-term capital
gain or...
Grayson is in the 24 percent tax rate bracket and has sold the following stocks in...
Grayson is in the 24 percent tax rate bracket and has sold the
following stocks in 2018: (Loss amounts should be indicated
by a minus sign.)
Description
Date
Purchased
Basis
Date Sold
Amount Realized
Stock A
1/23/1994
$
8,000
7/22/2018
$
5,100
Stock B
4/10/2018
15,500
9/13/2018
19,330
Stock C
8/23/2016
12,625
10/12/2018
17,850
Stock D
5/19/2008
5,830
10/12/2018
13,525
Stock E
8/20/2018
7,825
11/14/2018
3,875
a. What is Grayson’s net short-term capital gain
or loss from these transactions?
b....
Grayson is in the 24 percent tax rate bracket and has the sold the following stocks...
Grayson is in the 24 percent tax rate bracket and has the sold
the following stocks in 2018:
Date Purchased
Basis
Date Sold
Amount Realized
Stock A
1/23/1995
$7,250
7/22/2019
$4,500
Stock B
4/10/2019
14,000
9/13/2019
17,500
Stock C
8/23/2017
10,750
10/12/2019
15,300
Stock D
5/19/2009
5,230
10/12/2019
12,400
Stock E
8/20/2019
7,300
11/14/2019
3,500
What is Grayson’s net short-term capital gain or loss from
these transactions?
What is Grayson’s net long-term gain or loss from these
transactions?
What is...
John is in the 35% tax rate bracket and has sold the following stocks in 2017:...
John is in the 35% tax rate bracket and has sold the following
stocks in 2017:
Date purchased
Basis
Date Sold
Amount Realized
Stock A
1/23/2013
5,250
7/22/2017
3,500
Stock B
4/10/2017
14,000
9/13/2017
16,500
Stock C
8/23/2014
10,750
10/12/2017
15,300
Stock D
5/19/2014
4,230
10/12/2017
10,400
Stock E
8/20/2017
8,300
11/14/2017
3,500
Please answer the following questions based on the above
information:
a) What is George’s net short-term capital gain or loss from
these transactions?
b) What is George’s...
George bought the following amounts of Stock A over the years: (Loss amounts should be indicated...
George bought the following amounts of Stock A over the years:
(Loss amounts should be indicated with a minus
sign.)
Date Purchased
Number of Shares
Adjusted Basis
Stock A
11/21/1994
1,230
$
29,520
Stock A
3/18/2000
615
11,070
Stock A
5/22/2009
980
35,280
On October 12, 2020, he sold 1,545 of his shares of Stock A for
$38 per share.
a. How much gain/loss will George have to
recognize if he uses the FIFO method of accounting for the shares...
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of...
Dahlia is in the 32 percent tax rate bracket and has purchased
the following shares of Microsoft common stock over the years:
Date
Purchased
Shares
Basis
7/10/2008
480
$
18,240
4/20/2009
380
16,644
1/29/2010
580
18,328
11/02/2012
330
12,276
If Dahlia sells 1,040 shares of Microsoft for $60,320 on
December 20, 2018, what is her capital gain or loss in each of the
following assumptions? (Do not round intermediate
calculations.)
b. She uses the specific identification method and she
wants...
Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of...
Dahlia is in the 32 percent tax rate bracket and has purchased
the following shares of Microsoft common stock over the years:
Microsoft common stock
Date Purchased
Shares
Basis
7/10/2008
400
$10,000
4/20/2009
300
$11,000
1/29/2010
500
$12,230
11/02/2012
250
$7,300
If Dahlia sells 800 shares of Microsoft for $40,000 on December
20, 2020, what is her capital gain or loss if she uses the FIFO
method?
Dahlia is in the 32 percent tax rate bracket and has purchased
the...
Dahlia is in the 28 percent tax rate bracket and has purchased the following shares of...
Dahlia is in the 28 percent tax rate bracket and has purchased
the following shares of Microsoft common stock over the years:
Date
Purchased
Shares
Basis
7/10/2007
400
$
12,000
4/20/2008
300
10,750
1/29/2009
500
12,230
11/02/2011
250
7,300
If Dahlia sells 800 shares of Microsoft for $40,000 on December
20, 2017, what is her capital gain or loss in each of the following
assumptions? (Do not round intermediate
calculations.)
a. She uses the FIFO method.
b. She uses the...
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