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During 2 0 2 3 , Chaps McGee, S . S . # 2 5 2 - 8 6 - 1 8 3 7 ,
During Chaps McGee, SS# completed the following stock transactions: Slack Date Acquired Date Sold Sales Price Cost shs Walmart $ shs Blue Sky $ $ shs Lowes $ $ In addition to the above transactions, Mr MeGee also had the following items related to the preparation of his tax return: A shortterm capital loss carryforward from of $ On June Mr McGee purchased one acre of land as an investment, located in Gwinnett County, Georgia, at the intersection of Sugarloaf Parkway and Old Narcross Road. He paid $ plus closing costs of On September he sold this acre for $ less a real estate commission. Mr McGee is also a partner in Three Dogs Enterprises, a partnership. His share of the partnership's longterm capital loss is $ Mr McGee received a capital gain distribution of $ during from the Vanguard Wellington Mutual Fund. Requirements: Complete Mr McGee's Schedule D assume cost basis was reported to the IRS and Form The forms must be hand written using a pencil. How will Mr McGee's gain or loss affect his tax calculation? If it is a loss, how much of the loss is deductible? If it is a gain, how will the gain be taxed? Give a detailed answer.
please provided detailde answer including calculation for a clear understanding. thank you
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