Question
Barbara Bliss had the following recognized gains and losses during 2019: Business casualty gain (property held 5 months).....................$100 Business casualty loss (property held 19 months)....................($200)
Barbara Bliss had the following recognized gains and losses during 2019:
Business casualty gain (property held 5 months).....................$100
Business casualty loss (property held 19 months)....................($200)
Business casualty gain (property held 21 months)..................$500
Section 1231 gain...........................................................................$750
Section 1231 loss...........................................................................($600)
LTCL.................................................................................................($4,000)
STCL.................................................................................................($250)
What are the net tax consequences of these gains and losses for Barbara?
Barbara's adjusted gross income is $30,000 without considering the above items.
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