Question
Greta had the following transaction in 2021: a. Carl sold a building in 2021 and generated a $3,000 unrecaptured 1250 gain and a $6,000 LT
Greta had the following transaction in 2021:
a. Carl sold a building in 2021 and generated a $3,000 unrecaptured 1250 gain and a $6,000 LT capital gain.
b. Carl sold some old postage stamps he had been collecting since he was a kid at a gain of $5,000.
c. Stock was purchased on 4/15/21 for $4,000 and sold on 11/2/21 for $1,000.
d. He sold a potato washing machine that he had used in his business for an ordinary loss of $2,000
e. He sold a personal auto for a long-term loss of $1,000.
f. He sold bonds that he purchased back in 2018 for a loss of $10,000.
What are the net capital gain or loss and its character?
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College Accounting A Practical Approach
Authors: Jeffrey Slater
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978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233
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