5 percent a 10 percent b 15 percent c 20 percent d 28 percent e During 2010

5 percent a 10 percent b 15 percent c 20 percent d 28

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5 percent. a. 10 percent. b. 15 percent. c. 20 percent. d. 28 percent. e. During 2010, Randy Rooney recognizes a $13,000 short-term capital loss, an $8,000 long-term capital loss and a 95. $9,000 short-term capital gain. What is the amount and nature of Randy’s capital loss carryover to 2011? $4,000 short-term, $8,000 long-term. a. $4,000 short-term; $5,000 long-term. b. $1,000 short-term; $5,000 long-term. c. $1,000 short-term; $8,000 long-term. d. none of the above. e.
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594 CCH Federal Taxation—Basic Principles Chapter 12 © 2010 CCH. All Rights Reserved. Land used in the taxpayer’s business is sold during the years. If the land was purchased nine months ago 96. for $60,000 and is sold for $95,000, what is the character of the $30,000 recognized gain? 97. ago for $175,000. How is the loss treated on Tony’s tax return? 98. $175,000. How is the loss treated on Tom’s tax return if he files a joint tax return with his spouse? 99. and a $6,000 short-term capital gain. Prior to considering these capital gains and losses, Hattie’s adjusted gross income equals $50,000. After taking its capital gains and losses into consideration, her income equals: $56,000. a. $50,000. b. $45,000. c. $47,000. d. $34,000. e. During 2010, Greta Gibson recognizes a $2,000 short-term capital gain, a $6,000 short-term capital loss, a 100. $20,000 long-term capital gain, and a $7,000 long-term capital loss. Greta’s net capital gain is: $9,000. a. $13,000. b. $14,000. c. $16,000. d. Mike Mitchell had the following capital transaction during the current tax year: 101. Short-term Long-term Gains $6,000 $23,000 Losses ($9,000) ($10,000) What portion of Mike’s capital gains is included in his adjusted gross income? $2,000 a. $3,000 b. $4,000 c. $5,000 d. $10,000 e.
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595 Testbank © 2010 CCH. All Rights Reserved. Chapter 12 In 2010, Greg Goodrich had taxable income of $100,000. This amount included short-term capital losses of 102. $1,000 and long-term capital losses of $12,000. Greg had no other capital transactions in prior years. What is Greg’s capital loss carryover to 2011? $5,000 a. $7,000 b. $8,000 c. $10,000 d. $13,000 e. On November 14, 2008, Patricia Primrose purchased a rare gem stone as an investment. On March 5, 2010, 103. she exchanged it for another rare gem in a nontaxable exchange. On June 9, 2010, she sold the latter stone for cash and realized a gain. This gain will be treated as a short-term capital gain. a. a long-term capital gain. b.
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