Gertrude has the following long-term capital gains and losses for 2015: $16,000 28% gain, $5,000 28% loss, $32,000 25% gain, and $12,000 0%/15%/20% gain. She also has a $38,000 short-term loss and a $32,000 short-term gain. She has no other income.

Gertrude's net long-term capital gain and AGI is $________ from these transactions. The net long-term capital gain is made up of a $________ 28% gain, a $________ 25% gain, and a $_________ 0%/15%/20% gain in terms of the alternative tax rates.

Roger inherited 100 shares of Periwinkle stock when his mother, Emily, died. Emily had acquired the stock for a total of $60,000 on November 15, 2011. She died on August 10, 2015, and the shares were worth a total of $55,000 at that time. Roger sold the shares for $36,000 on December 22, 2015.

How much gain or loss does Roger recognize? What is the nature of that gain or loss?

Roger's recognized loss of $__________

Complete the following statements regrading the appropriate tax treatment for each sale.

1. Tobo Company buys and sells computers. Any gains from the sale of the computer are Select: (capital ordinary) gains.

2. Masahiko sells his personal computer at a $500 gain. Masahiko's gain is Selecta: (a capital or an ordinary) gain.

3. Picco Company has accounts receivable of $50,000. Because Picco needs immediate cash, it sells the receivables for $40,000 to a financial institution. If Picco is a cash basis taxpayer, it has $__________ of Select: (capital gain ordinary) income.

Coline has the following capital gain and loss transactions for 2015.

a.	Short-term capital gain	$5,000
b.	Short-term capital loss	$2,100
c.	Long-term capital gain (28%)	$6,000
d.	Long-term capital gain (15%)	$2,000
e.	Long-term capital loss (28%)	$10,500

After the netting process, Coline has an overall Select: (net long-term capital gain, net long-term capital loss, net short-term capital gain or net short-term capital loss) of $__________ .

Shen purchased corporate stock for $20,000 on April 10, 2013. On July 14, 2015, when the stock was worth $12,000, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $14,200 on November 12, 2015.

What is the amount and character of Mijos gain or loss? $___________ (gain or loss)

Elliott has the following capital gain and loss transactions for 2015.

a.	Short-term capital gain	$1,500
b.	Short-term capital loss	$3,600
c.	Long-term capital gain (28%)	$12,000
d.	Long-term capital gain (25%)	$4,800
e.	Long-term capital gain (15%)	$6,000
f.	Long-term capital loss (28%)	$4,500
g.	Long-term capital loss (15%)	$9,000

After the netting process, Elliott has an overall Select: (net long-term capital gain, net long-term capital loss, net short-term capital gain, net short-term capital loss) of $__________ .