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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?
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($155,000)
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($152,000)
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($132,000)
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($125,000)
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