Question
Assume the following sales took place during 2020 for a variety of individual capital assets for Ron (all normal capital assets with gains subject to
Assume the following sales took place during 2020 for a variety of individual capital assets for Ron (all normal capital assets with gains subject to 0%, 15% or 20% tax rates):
Property Purchase Date | Property Sale Date | Adjusted Basis | Sales Proceeds | Gain/Loss | Character of Gain/Loss |
12/6/2020 | 12/9/2020 | $1,000 | $1,060 |
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1/7/2000 | 6/15/2020 | $5,000 | $6,200 |
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11/6/2013 | 8/20/2020 | $5,000 | $4,200 |
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5/1/2020 | 10/31/2020 | $2,500 | $2,200 |
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6/8/2011 | 3/22/2020 | $8,600 | $10,000 |
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7/10/1999 | 1/19/2020 | $2,000 | $4,100 |
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3/16/2016 | 3/16/2020 | $5,300 | $6,000 |
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*A prior year long-term capital loss will be carried over into this year in the amount of ($4,000).
- Determine the net capital gain or loss resulting from these transactions.
- Explain the tax rate(s) that would apply to your end result or if any part of your end result is deducible against ordinary income.
- Enter this information into Form 8949 and then into Schedule D for 2020.
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