1.

Myra Mains received a Form 1099-B from her broker. The form listed the following capital transactions during the year:

STOCK	ACQUIRED	SOLD	SALES PRICE	COST/BASIS
255 shares IBM Corp	03/20/12	08/28/20	$11,500	$1,450
400 shares GM Corp	01/16/20	03/17/20	$10.200	$9,375
195 shares Boeing	08/06/20	10/10/20	$4,410	$7,900
200 shares FMC	02/19/15	09/02/20	$12.330	$4,760
95 shares TRW	06/15/74	05/20/20	$5,675	$9,940

None of these transactions involve qualified small business stock. On the 1099-B, the basis was reported to the IRS. In addition to the current year transactions, Myra reported a Short-Term Capital Loss Carryover from 2019 of $1,950. Determine the results from these transactions for Myra for 2020. Be sure to indicate whether the resulting position is Long-Term or Short-Term and if it is a net gain or loss. Show and label your work.

2.

pool and brick wall) total $26,500. He sold the home for $395,000. His sales expenses total $19,450. On November 3, 2020, Sal buys and moves into a new home. His condo cost him $143,900. Determine the following (again, show your work):

a. Realized Gain: ____________________

b. Recognized Gain: ____________________

c. Adj Basis of new condo: _____________________

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