Question
Brad and Angie are married and file a joint return. For year 14, they had income from wages in the amount of $100,000 and had
Brad and Angie are married and file a joint return. For year 14, they had income from wages in the amount of $100,000 and had the following capital transactions to report on their income tax return:
Carryover of capital losses from year 13 $200,000
Loss on sale of stock purchased in March year 14, sold on October 10, year 14, and repurchased on November 2, year 14 20,000
Gain on the sale of stock purchased 5 years ago and sold on March 14, year 14 15,000
Gain on the sale of their personal residence (all qualifications have been met for the maximum allowable gain exclusion) 675,000
Loss on the sale of their personal automobile 10,000
Gain on the sale of their personal furniture 5,000
Loss on the sale of investment property (land only) 150,000
What is the amount of capital loss carryover to year 15?
($155,000)
($152,000)
($132,000)
($125,000)
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