ACCT $3151$ Introduction to Tax $/$ Spring $2024/$ MTE #$2/05$ Mar $2024$ No$.$

Q$3$

An individual had the following transactions during $2022$ and $2023$:

adjusted cost

$\backslash$table$[[$item$,$description,date,proceeds,base$],[1,$Sold $1,000$ shares of stock A$,12$ Mar $2022,8,000,6,800],[2,$Sold $800$ shares of stock B$,23$ Oct $2022,3,000,7,100],[3,$sold jewellry,$02$ Feb $2023,3,500,900],[4,$sold designer furniture,$11$ Apr $2023,650,900],[5,$sold stamp collection,$19$ May $2023,800,1,900],[6,$sold sailboat,$08$ Jul $2023,18,000,23,000],[7,$sold old piano,$12$ Nov $2023,29,600,16,000]]$

Assume that the individual makes the maximum use of capital losses when they arise. What effect would the above transactions have on the individual's $2023$ taxable income?

A $3,475$

B $2,025$

C $6,150$

D $4,700$

$E$ None of theseAn individual had the following transactions during $2022$ and $2023$:

item

$1$

$2$

description

date

proceeds

base

Sold $1,000$ shares of stock A

$12$ Mar $2022$

$23$ Oct $2022$

$8,000$

$6,800$

Sold $800$ shares of stock B

$3,000$

$3,500$

$7,100$

sold jewellry

$02$ Feb $2023$

$900$

$900$

$345$

$6$

sold designer furniture

$11$ Apr $2023$

$19$ May $2023$

$650$

sold stamp collection

$800$

$18,000$

$1,900$

sold sailboat

$08$ Jul $2023$

$23,000$

$7$

sold old piano

$12$ Nov $2023$

$29,600$

adjusted cost

$16,000$

Assume that the individual makes the maximum use of capital losses when they arise. What effect would the above transactions have on the individual's $2023$ taxable income?

A $3,475$

B $2,025$

C $6,150$

D $4,700$

E None of these