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Murphy Smith has the following stock transactions for 2017. Name Date Purchased Basis Date Sold Sales Proceeds Apex Corp. 1/23/1986 7,250 7/22/2017 4,500 Blue Corp.
Murphy Smith has the following stock transactions for 2017.
Name | Date Purchased | Basis | Date Sold | Sales Proceeds |
Apex Corp. | 1/23/1986 | 7,250 | 7/22/2017 | 4,500 |
Blue Corp. | 4/20/2017 | 14,000 | 9/13/2017 | 17,500 |
Coral Corp. | 8/23/2010 | 10,750 | 10/12/2017 | 15,300 |
Diamond Corp | 5/19/2017 | 5,230 | 10/12/2017 | 12,400 |
Electric Corp. | 8/20/2017 | 7,300 | 11/14/2017 | 3,500 |
Based on the information in above table, answer the following questions: (a) What is Murphys net short-term capital gain or loss from these transactions? (b) What is Murphys net long-term capital gain or loss from these transactions? (c) What is Murphys net gain or loss from these transactions? (d) Based on (a) through (c), complete Murphys Schedule D.
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