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Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.)
Description | Date Purchased | Basis | Date Sold | Amount Realized | ||||
Stock A | 1/23/1996 | $ | 7,900 | 7/22/2020 | $ | 5,020 | ||
Stock B | 4/10/2020 | 15,300 | 9/13/2020 | 19,090 | ||||
Stock C | 8/23/2018 | 12,375 | 10/12/2020 | 17,510 | ||||
Stock D | 5/19/2010 | 5,750 | 10/12/2020 | 13,375 | ||||
Stock E | 8/20/2020 | 7,755 | 11/14/2020 | 3,825 | ||||
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a. What is Graysons net short-term capital gain or loss from these transactions?
b. What is Graysons net long-term gain or loss from these transactions?
c. What is Graysons overall net gain or loss from these transactions?
d. What amount of the gain, if any, is subject to the preferential rate for certain capital gains?
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