End solete 5 Compliance Project Phase III: Computation of Tax Consequences oft Immediately after the results of the bankruptcy proceedings in 2021, Joseph sold his entire individual Has a basis stock portfolio for $5,488. He held on to all other investments, including the mutual funds and the land. 1a, 540 He had no other capital gains or losses for 2021. At the end of the year, Joseph has asked you to prepare his tax return. Joseph has returned an input sheet to you partially filled out, reflecting his items of income and loss, to the extent he could figure them out. You will help them complete the missing fields: Income Portfolio Wages Investment Income Rental Losses Allowed Gain / Loss on property A Gain / Loss on property Bwent to Proceed we Taxable income Elements 225,000 1,200 (36,500) (77,586) ? ? 0 ? 6.0.0 From Debtor Basis & 172,150 107, 430 103,371 to lendar 97.000 37, 225 Gain / Loss on property C / banccuptcy 2021 70, 153 COD Income Included Capital gains & Losses Net Operating Loss Capital Loss Carryover ? ? The rental losses allowed reflect the losses on all properties in 2021 before their disposition, plus all suspended losses in previous years. Such losses are allowable in 2021 without limitation, per IRC S 469(8) Required: Please complete the above worksheet. In computing the gain or loss on disposition of properties, assume no additional depreciation was allowed or allowable in 2021. Treat a net gain from all such transactions as a long-term capital gain, and a net loss as an ordinary loss, pursuant to IRC 5 1231. Ignore the effect of any items not listed here on the computation of the net operating loss and capital loss carryover. 1 End solete 5 Compliance Project Phase III: Computation of Tax Consequences oft Immediately after the results of the bankruptcy proceedings in 2021, Joseph sold his entire individual Has a basis stock portfolio for $5,488. He held on to all other investments, including the mutual funds and the land. 1a, 540 He had no other capital gains or losses for 2021. At the end of the year, Joseph has asked you to prepare his tax return. Joseph has returned an input sheet to you partially filled out, reflecting his items of income and loss, to the extent he could figure them out. You will help them complete the missing fields: Income Portfolio Wages Investment Income Rental Losses Allowed Gain / Loss on property A Gain / Loss on property Bwent to Proceed we Taxable income Elements 225,000 1,200 (36,500) (77,586) ? ? 0 ? 6.0.0 From Debtor Basis & 172,150 107, 430 103,371 to lendar 97.000 37, 225 Gain / Loss on property C / banccuptcy 2021 70, 153 COD Income Included Capital gains & Losses Net Operating Loss Capital Loss Carryover ? ? The rental losses allowed reflect the losses on all properties in 2021 before their disposition, plus all suspended losses in previous years. Such losses are allowable in 2021 without limitation, per IRC S 469(8) Required: Please complete the above worksheet. In computing the gain or loss on disposition of properties, assume no additional depreciation was allowed or allowable in 2021. Treat a net gain from all such transactions as a long-term capital gain, and a net loss as an ordinary loss, pursuant to IRC 5 1231. Ignore the effect of any items not listed here on the computation of the net operating loss and capital loss carryover. 1