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During 2016, William sold the following capital assets: Description Date Purchased Date Sold Sales Price Cost Basis ABC Stock 05-05-2012 08-03-2016 $ 500 $8,000 123

During 2016, William sold the following capital assets:

Description Date Purchased Date Sold Sales Price Cost Basis

ABC Stock

05-05-2012 08-03-2016 $ 500 $8,000

123 Bond Fund

11-07-2015 02-25-2016 $2,000 $7,000

Dune buggy

06-12-2011 09-29-2016 $2,400 $4,600

Antique chair

10-09-2003 04-21-2016 $4,000 $3,000

Calculate the following: a. Total short-term capital gain/loss realized for tax purposes b. Total long-term capital gain/loss realized for tax purposes c. Deductible capital gain/loss d. The amount and nature (short-term or long-term) of his capital loss carryforward e. Assuming that William has no capital gain or loss for 2017, how much can he deduct in 2017 and what is the amount and nature of any carryforward to 2018?

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