122. Gwen inherited 100 shares of SuperShoes stock when her mother died on October 21, 2014; the fair market value of the stock was $20 per share. Her mother paid $200 per share when she purchased the stock March 1, 2005. If Gwen sells all 100 shares for $50 per share on July 3, 2016, how should she report the sale on her income tax return for 2016? A. $3,000 long-term capital gain B. $3,000 short-term capital gain $12,000 long-term capital gain $15,000 short-term capital loss C. D. 123. John and Jill Jones sold stock that resulted in a short-term capital loss of $5,000. They had no other capital transactions during the year. Their taxable income was $10,000. How much of the capital loss is deductble on their joint return and how much must be carried over to the next year? A $0 loss: $5,000 carryover B. $1,500 loss, $1,500 carryover C. $3,000 loss; $0 carryover D. $3,000 loss, $2,000 carryover 124. Brandt exchanged his collection of stamp albums for a tractor from Virgil in September 2016. The fair market value of the stamp albums is $3,000. The tractor has the same $3,000 fair market value. The collection of stamps cost Brandt $2,000 over the years to assemble. How should Brandt report this transaction on his 2016 tax return? A He reports it as a capital transaction with a $0 gain B. He is not required to report it because it is not taxable C. He attaches a statement to his return explaining that the exchange was for something of equal value D. He reports a $1,000 capital gain deduct expenses allocable to that portion of the home used for those business purposes. To meet this qualification all of the following must apply except 142. The general rule is that taxpayers who use a part of the home for legitimate business purposes can A Part of the home is exclusively used on a regular basis as the principal place of business for any of the trades or businesses B Pant of the home is exclusively used on a regular basis as a place of business used by patients, cients or of the home is exclusively used on a regular basis in connection with the trade or business it it is a separate structure that is not attached to the home Part of the home is used on a regular basis as a home office and family room used by the rest of the family for entertainment EX-22 inc 2017 IRST,"Trant an