Question
Maria had the following transactions this year: Sold 100 shares of stock for $5,000; she purchased the shares 13 months ago for $3,000. Sold some
Maria had the following transactions this year:
Sold 100 shares of stock for $5,000; she purchased the shares 13 months ago for $3,000.
Sold some living room furniture for $600.Two years ago she purchased the furniture for $1,000.
Sold land which she inherited 5 years ago from her grandfather; her grandfather paid $500 for the land in 1950. At the time of her grandfather's death, the land was valued at $500,000. Maria sold the land for $600,500.
Sold some losing stock she purchased two years ago for $30,000; she sold the stock for $5,000.
What is Maria's capital gain that she will report on line 13 of her Form 1040?
A)$77,500
B)$577,000
C)$77,100
D)$577,500
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