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During 2 0 2 3 , Chaps McGee, S . S . # 2 5 2 - 8 6 - 1 8 3 7 ,

During 2023, Chaps McGee, S.S.# 252-86-1837, completed the following stock transactions: Slack Date Acquired Date Sold Sales Price Cost 200 shs Walmart 07/10/1004/28/23515.325 $2,025100 shs Blue Sky 10/02/2209/17/23 $3.040 $8,200600 shs Lowes 106/04/2312/21/23 $10,950 $9,870 In addition to the above transactions, Mr. MeGee also had the following items related to the preparation of his 2023 tax return: 1. A short-term capital loss carryforward from 2022 of $4.6002. On June 19,2017 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 $390,000, plus closing costs of 55,100. On September 30,2023, he sold this acre for $560,000, less a 10% real estate commission. 3. Mr. McGee is also a partner in Three Dogs Enterprises, a partnership. His share of the partnership's long-term capital loss is $5,200.4. Mr McGee received a capital gain distribution of $350 during 2023 from the Vanguard Wellington Mutual Fund. Requirements: 1. Complete Mr. McGee's 2023 Schedule D (assume cost basis was reported to the IRS) and Form 8949. The forms must be hand written using a pencil. 2. How will Mr. McGee's gain or loss affect his 2023 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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