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Jill sold the following stocks on December 31, 2021: Stock Sales price Original cost Purchase date ST LT A 100,000 1,000 6/30/07 B 90,000 2,000
Jill sold the following stocks on December 31, 2021:
Stock | Sales price | Original cost | Purchase date | ST | LT |
A | 100,000 | 1,000 | 6/30/07 | ||
B | 90,000 | 2,000 | 7/30/07 | ||
C | 80,000 | 3,000 | 8/30/07 | ||
D | 70,000 | 4,000 | 9/30/07 | ||
E | 60,000 | 10,000 | 10/30/07 | ||
F | 50,000 | 20,000 | 11/30/07 | ||
G | 40,000 | 60,000 | 12/30/07 | ||
H | 30,000 | 40,000 | 1/30/20 | ||
I | 20,000 | 50,000 | 2/30/20 | ||
J | 10,000 | 60,000 | 3/30/20 | ||
K | 9,000 | 70,000 | 4/30/20 | ||
L | 8,000 | 80,000 | 5/30/20 | ||
M | 7,000 | 90,000 | 6/30/20 | ||
N | 6,000 | 100,000 | 7/30/20 |
She paid brokerage commissions of 5% of the sales price on all of the above sales.
- What is the net long term and short term gain or loss from the above_________________________
- Jill sold her personal automobile in 2021 for $20,000. She had originally purchased it for $30,000 two years earlier. The tax impact of this transaction is:_________________________
- In addition, Jill(who is single) sold her principle residence in December 2021 for $1 million. She had originally purchased it two months earlier for $200,000. Selling expenses were $20,000. She sold it because she had a job transfer out of town. The tax impact of this transaction is:_________________________
- She also sold a painting in December for $75,000 which she had originally purchased 5 years ago for $20,000. The tax impact of this transaction is:_________________________
- She sold a patent on an invention she created one year ago, for $30,000. She figured it had cost her $5000 in legal fees and other out-of-pocket expenses to create the invention and file paperwork to receive a patent. The tax impact of this transaction is:_________________________
- She bought an option to buy Apple stock for $1000. She bought on January 1 2018, and let it lapse on June 30 of 2021. The tax impact of this transaction is:_________________________
- Assuming she also had long (short) term capital loss carryovers from the prior year of $1000 ($2,000). compute the overall tax consequences of the above to Jill for 2021. Make columns for capital gains/losses, ordinary gains/losses, and 28% gains/losses_____________________________________________________
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