Question
George is in the 32% tax rate bracket and has sold the following stocks in 2022: Date purchased Basis Date Sold Amount Realized Stock A
George is in the 32% tax rate bracket and has sold the following stocks in 2022:
| Date purchased | Basis | Date Sold | Amount Realized |
Stock A | 1/23/2016 | 5,250 | 7/22/2022 | 6700 |
Stock B | 4/10/2020 | 14,000 | 9/13/2022 | 24500 |
Stock C | 8/23/2017 | 10,750 | 10/12/2022 | 7500 |
Stock D | 5/19/2022 | 4,230 | 10/12/2022 | 5400 |
Stock E | 10/20/2021 | 8,300 | 10/14/2022 | 10300 |
Please answer the following questions based on the above information:
a) What is Georges net short-term capital gain or loss from these transactions? |
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b) What is Georges net long-term capital gain or loss from these transactions? |
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c) What is Georges overall net capital gain or loss from these transactions? |
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d) What amount of the gain, if any, is subject to the preferential rate for certain capital gain? |
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e) How much is tax applied to Georges capital gain if he has a net gain? |
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