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Unformatted text preview: Cost basis of stock Proceeds of sale ABC $34,600 $28,600 = $6,000 loss DEF $29,400 $31,000 = $1,600 gain GHI $21,500 $19,000 = $2,500 loss $6,900 loss What are the taxes owned or saved as a result of these sales? There is a $6,900 loss, however only $3,000 of that loss may be used to offset income and the rest is a carry over to the next year. Therefore, the $3,000 loss will result in a $1,050 tax savings; $3,000 x 35%...
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This note was uploaded on 04/01/2012 for the course FINC 354 taught by Professor Gibbons-cobb during the Spring '12 term at Columbia College.
- Spring '12