The maximum amount of net capital losses individual

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Chapter 4 / Exercise 4-3
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33)The maximum amount of net capital losses individual taxpayers may deduct against their ordinaryincome per year is:A)Zero, losses are not deductible.B)There is no maximum. All losses are allowed to be deducted.C)$5,000.D)$3,000.E)None of the choices are correct.Answer: D
34)In the current year, Norris, an individual, has $50,000 of ordinary income, a Net Short Term CapitalLoss (NSTCL) of $10,000 and a Net Long Term Capital Gain (NLTCG) of $2,800. From his capitalgains and losses, Norris reports:
35)Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,000 on January 15, 2015. OnDecember 31, 2017 she sold all 1,000 shares of her Ibis stock for $4,500. Based on a hot tip fromher friend, she bought 1,000 shares of Ibis stock on January 23, 2018 for $3,000. What is Ms.Fresh's recognized loss on her 2017 sale and what is her basis in her 1,000 shares purchased in2018?
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Chapter 4 / Exercise 4-3
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36)Kevin bought 200 shares of Intel stock on January 1, 2017 for $50 per share with a brokerage fee of$100. Then, Kevin sells all 200 shares for $75 per share on December 12, 2017. The brokerage feeon the sale was $150. What is the amount of the gain/loss Kevin must report on his 2017 tax return?
37)If an individual taxpayer's marginal tax rate is 35 percent and he holds the following assets for morethan one year, which gain will be taxed at the highest rate at the time of sale?A)gain from the sale of qualified small business stock held for 3 yearsB)gain from personal-use propertyC)gain attributable to tax depreciation taken on real propertyD)gain from a coin collectionE)gain from investment landAnswer: D
38)John holds a taxable bond and a municipal bond. Which fees are considered part of John'sinvestment expense?

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