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Antoine sold the following stock in 2019. ABC, Inc., is a 1202 qualified small business (QSB). Asset ABC, Inc., 280 shares DEF, Inc., 172 shares
Antoine sold the following stock in 2019. ABC, Inc., is a 1202 qualified small business (QSB). Asset ABC, Inc., 280 shares DEF, Inc., 172 shares GHI, Inc., 86 shares. Required: a. Complete the chart. Cost $219,800 Acquired 01/10/2008 Sale Price $280,560 Sale Date 04/30/2019 40,420 11/15/2015 38,356 32,680 02/28/2019 03/31/2018 33,368 08/30/2019 b. After netting, what is the total gain or loss? c. If Antoine is in the 37% tax rate bracket, at what rate is the net gain or loss taxed? Answer is not complete. Complete this question by entering your answers in the tabs below. Req a Req b and c Complete the chart. (Negative amounts should be indicated by a minus sign.) Amount of Realized Gain Asset (Loss) Amount of Recognized Gain (Loss) IRC Section ABC 60,760 0 1202 DEF $ (7,740) (7,740) 1221 GHI $ (4,988) (4,988) 1221 Req a Req b and c > Antoine sold the following stock in 2019. ABC, Inc., is a 1202 qualified small business (QSB). Asset ABC, Inc., 280 shares DEF, Inc., 172 shares. GHI, Inc., 86 shares. Cost $219,800 Sale Date 04/30/2019 Acquired Sale Price 01/10/2008 $280,560 40,420 11/15/2015 32,680 02/28/2019 38,356 03/31/2018 33,368 08/30/2019 Required: a. Complete the chart. b. After netting, what is the total gain or loss? c. If Antoine is in the 37% tax rate bracket, at what rate is the net gain or loss taxed? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req a Req b and c b. After netting, what is the total gain or loss? c. If Antoine is in the 37% tax rate bracket, at what rate is the net gain or loss taxed? b. Gain C. Tax rate (%) $ 30,260 15
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