Mr. and Mrs. Revel had $230,400 AGI before considering capital gains and losses. Required: On May...

Mr. and Mrs. Revel had $230,400 AGI before considering capital gains and losses.

Required:

On May 8, they recognized an $10,900 short-term capital gain. On June 25, they recognized a $17,550 long-term capital loss. What is the amount and character of each carryforward?
On February 11, they recognized a $2,190 long-term capital gain. On November 3, they recognized a $1,400 long-term capital loss. What is the amount and character of each carryforward?
On April 2, they recognized a $6,075 long-term capital loss. On September 30, they recognized a $5,130 short-term capital loss. What is the amount and character of each carryforward?
On January 12, they recognized a $5,550 short-term capital loss. On July 5, they recognized a $2,300 long-term capital gain. What is the amount and character of each carryforward?

Options for Answers include: "Long-term capital loss carryforward" "Short-term capital loss carryforward" or "No carryforward" along with the amount. Question 3 has two slots for answers, the rest of them just have one. Thank you very much, I will rate if you try your best (:

Expert Solution

Requirement A

Long term capital loss	-17,550
Short Term Capital gain	10,900
Net long term capital loss	-6,650
Limit is up-to $3000

AGI	230,400
Less: Deductions	-3,000
Adjusted AGI	227,400

Carryforward	3,650

Requirement B

Long term capital loss	-1,400
Long Term Capital gain	2,190
Net long term capital gain	790

AGI	230,400
Less: Deductions	0
Adjusted AGI	230,400

** There is no carry forward, there is a $790 net gain.

Requirement C

Short term capital loss	-5,130
Long Term Capital loss	-6,075
Net capital loss	-11,205
deduction upto $3000

AGI	230,400
Less: Deductions	-3000
Adjusted AGI	227,400

Carryforward (11205-3000)	8,205

Requirement D

Short term capital loss	-5,550
Long Term Capital gain	2,300
Net short term capital loss	-3,250
deduction up-to $3000

AGI	230,400
Less: Deductions	-3000
Adjusted AGI	227,400

Carry forward (3250-3000)	250

ekkarill92 answered 1 year ago

Explain Capital gains and losses versus ordinary gains and losses what's your understanding?

As of November 30, 2017 Ms. B had $12,000 capital losses and no capital gains. She...

As of November 30, 2017 Ms. B had $12,000 capital losses and no capital gains. She owns 4,903 shares of GG stock with a $15 basis and a $45 FMV per share. Mrs. B plans to hold her stock for three more years before selling it and using the proceeds to buy a home. However, she could easily sell 400 shares to trigger a $12,000 capital gain and then immediately repurchase them. If Ms. B’s marginal income tax rate is...

Noah Yobs, who has $62,000 of AGI before considering rental activities, has $70,000 of losses from...

Noah Yobs, who has $62,000 of AGI before considering rental activities, has $70,000 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $33,000 of income. He has other passive activity income of $20,000. What is Noah's adjusted gross income for the current year?

Nathan has $62,000 of AGI (solely from wages) before considering rental activities, has $70,000 of losses...

Nathan has $62,000 of AGI (solely from wages) before considering rental activities, has $70,000 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $33,000 of income. He has other passive activity income of $20,000 A. What amount of rental loss can Nathan use to offset active or portfolio income in the current year? B. Compute Nathan's AGI on the Form 1040 and...

Mr. and Mrs. H are married with two dependent children living with them. Their AGI is...

Mr. and Mrs. H are married with two dependent children living with them. Their AGI is $360,000. Assume the taxable year is 2017. Use Appendix 14-A and Appendix 14-B. Using the worksheets, compute the below-the-line deductions that they will report in computing taxable income. a. Assume that itemized deductions total $44,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss). b.Now assume that itemized deductions total $13,000 (none of which were medical expense, investment...

1. Mr and Mrs Smith and Mr and Mrs Doe both had baby girls at Bay...

1. Mr and Mrs Smith and Mr and Mrs Doe both had baby girls at Bay Hospital. The hospital mixed up which girl belonged to which couple. Baby X is blood type O, Baby Y is blood type A. Mr Smith is blood type AB. Mr Doe is blood type B. Both Mrs Smith and Mrs Doe are blood type A. Can you solve which baby goes to which couple? In the form below, list all possible genotypes and indicate...

Sara had the following Section 1231 gains and losses for the preceding 5 years Year Gains...

Sara had the following Section 1231 gains and losses for the preceding 5 years Year Gains Losses 2104 15,000 7,000 2015 3,000 35,000 2016 10,000 0 2017 4,000 2,000 2018 35,000 8,000 For 2018 Sarah should report the income and the character of that income on her 2018 tax return A. Ordinary gain in the amount of $27,000. B. Capital gain in the amount of $27,000. C. Ordinary loss and capital gain in the amounts of $8,000 and $35,000, respectively....

Bob has capital losses of $4,000 that exceed his capital gains in the current year. Of...

Bob has capital losses of $4,000 that exceed his capital gains in the current year. Of this amount, $1,200 is a short-term capital loss and $2,800 is a long-term capital loss. What is the amount and character of the capital loss carryforward? a. It will be a $1,000 capital loss pro rated between short-term ($300) and long-term ($700) based on the total amount of the excess capital loss. b. It will be a $1,000 long-term capital loss because Bob must...

Which of the following is/are not true with respect to capital gains and losses? (choose all...

Which of the following is/are not true with respect to capital gains and losses? (choose all that apply) a. capital gains are taxed as ordinary income b. capital losses are carried forward indefinitely c. capital losses are 100% deductible in the year incurred d. they arise from core business activities

When are foreign currency transaction gains or losses required to be recognized in the financial statements,...

When are foreign currency transaction gains or losses required to be recognized in the financial statements, how are they to be disclosed and where in the financial statements?

Question