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T11F-Chp-03-3-Capital Gain Loss illustration

T11F-Chp-03-3-Capital Gain Loss illustration - Betty...

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020794873bd0989f02628d73aa3ba3a14cd60e05.xlsx Betty invests in stock. Each stock qualifies as a capital asset. Betty is single (no dependent). Earns annual salary of $133,700 Itemized deductions -Charitable contribution to UNCC $10,000 Itemized deductions-Mortgage Interest $20,000 Exemption $3,700 Taxable Income each year, before items below. $100,000 Date Date Total Total Short Long Asset Acquired Sold Cost Sell. Price Term Term ABC Stock 2011 2011 $10,000 $16,000 DEF Stock 2011 2011 $10,000 $5,000 GHI Stock 2007 2011 $10,000 $13,000 KLM Stock 2007 2011 $10,000 $18,000 NOP Stock 2007 2011 $10,000 $1,000 Totals 1 What is her taxable income for the year? 2 What is her overall net capital gain or loss for the year? First provide net Short-term and net Long-term amounts. (Enter only 2 amounts below.) Short-term Gain See bottom of page 3-25. Loss Long-term Gain Loss Net capital gain or loss 3 What tax rates apply to her capital gains? Amount Rate Short-term Long-term See bottom of page 3-27. 4 Assume her salary is actually $43,700. What tax rates apply to her capital gains? Amount Rate Short-term Long-term See bottom of page 3-27.
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020794873bd0989f02628d73aa3ba3a14cd60e05.xlsx Betty invests in stock. Each stock qualifies as a capital asset. Betty is single (no dependent). Earns annual salary of
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