Question
On June 19, Year 1, an individual executed a short sale of 100 shares of stock at $10 per share.On June 19, Year 2, the
On June 19, Year 1, an individual executed a short sale of 100 shares of stock at $10 per share.On June 19, Year 2, the individual covered and delivered the 100 shares at $8 per share.What is the character of gain or loss on the short sale?
A.
$200 long-term capital gain.
B.
$200 long-term capital loss.
C.
$200 short-term capital gain.
D.
$200 short-term capital loss.
In year 7, MMI Corporation incurred net capital losses that amounted to $15,000. During the period from year 1, its year of inception, through year 6, MMI had net capital gains of $1,000 each year. How much capital loss may MMI carry forward to year 8?
A.
$9,000
An individual had the following gains and losses for the year:
Short-term capital loss
$30,000
Section 1231 loss
$20,000
Long-term capital gain (unrecaptured Section 1250 at 25%)
$18,000
Collectibles gain (28% rate)
$20,000
Long-term capital gain (15% rate)
$15,000
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