During 2021, Chaps McGee, S.S.# 252-86-1837, completed the following stock transactions:

Stock	Date Acquired	Date Sold	Sales Price	Cost
100 shs Microsoft	07/10/08	03/28/21	$11,450	$995
800 shs Lucent	10/08/20	09/17/21	3,150	8,700
500 shs Krispy Kreme	06/04/21	12/21/21	8,850	6,190

In addition to the above transactions, Mr. McGee also had the following items related to the preparation of his 2021 tax return:

1. A short-term capital loss carryforward from 2020 of $5,700

2. On March 9, 2015 Mr. McGee purchased one acre of land as an investment, located in Gwinnett County, Georgia, at the intersection of Sugarloaf Parkway and Old Norcross Road. He paid $330,000, plus closing costs of $7,500. On June 2, 2021, he sold this acre for $510,000, less a 10% real estate commission.

3. Mr. McGee is also a partner in Three Dogs Enterprises, a partnership. His share of the partnerships long-term capital loss is $8,500.

4. Mr. McGee received a capital gain distribution of $400 during 2021 from the Vanguard Wellington Mutual Fund

Requirements:

1. Complete Mr. McGees 2021 Schedule D (assume cost basis was reported to the IRS) and Form 8949.

2. How will Mr. McGees gain or loss affect his 2021 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.