What is Beckys net capital gain or loss o Short term gains basket 3150 o Long

What is beckys net capital gain or loss o short term

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short term capital loss carryover from 2013 of 1,200. What is Becky’s net capital gain or loss? o Short term gains basket = $3,150 o Long term losses basket = $3,000 Good losses o $3,150 - $3,000 = A ($150 STCG) For 2013, Greg Grammer Example o LTCL of $200 o STCL of $2,800 o Greg’s Deductible loss is $3,000 (E)  Limit is $3,000 for deductible losses of net capital For 2013, Joyce Jacobson’s Example o STCL $4,300 o LTCL $1,100 o First use STCL then LTCL. The first 3000 is deductible and the rest is carried over. $1,300 of STCL and $1,100 LTCL would carryover. Dennis Drew Example; What is the amount of Dennis Capital loss deduction o Net LTCL $1,600 o Net STCL $1,500 o $25,000 of ordinary income o Answer B: $3,000 combined Thelma Example o STCL $1,300 o LTCL $2,000 o Answer B: $3,000 combined Section 1231 Assets
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o Generally, business assets held over 12 months fall under the category Section 1231. These assets include depreciable personal (tangible) and real property and land used in a business o Examples include delivery trucks, the portion of a car’s basis allocable to business transportation, the portion of a principal residence used for a home office, factory, office computers, land, warehouses, office buildings, apartment buildings, and rental houses William Warren Example o 1231 Loss 12000 o 1231 Gain 14000 o Answer A $2,000 Gain Valarie Villane Example o Answer $250 Gain Susan Songbird o Basis is $650 o Amount Realized $550 o Answer = $100 Section 1231 Loss Recapture – The Concept o Assume that ordinary income is taxed at 25% o Assume that capital gains are taxed at 15% o
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  • Fall '14
  • fabioambrosio
  • Accounting, Business, Capital gains tax in the United States

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