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please help with all!! thank you!!!! Herb files single and had the following capital gains and losses in 2020: . . $500 loss on the
please help with all!! thank you!!!!
Herb files single and had the following capital gains and losses in 2020: . . $500 loss on the sale of stock he purchased on January 14, 2020, and sold on August 10, 2020 $5,000 loss on the sale of stock purchased October 1, 2019, and sold November 1, 2020 $1,000 gain on the sale of a vacant lot held for 5 years How should Herb's capital gains and losses be initially reported on Schedule D? . OA. $4,500 long-term loss. OB $4,500 long-term loss and $1,000 short-term loss. O c. $5,500 long-term loss and $1,000 short-term gain. D. $4,000 long-term loss and $500 short-term loss. The holding period for determining short-term and long-term gains and losses includes which of the following? In the case of a bank that repossessed real property, the time between the original sale and the date of repossession The day you acquired the property. The donor's holding period in the case of a gift if your basis is the donor's adjusted basis. All of the answers are correct. Emma's brother purchased 100 shares of Clockwork, Inc., stock for $10 per share on December 30, 2018. Emma inherited the shares of Clockwork stock from her brother on September 15, 2019, when it had a fair market value of $15 per share. On December 20, 2020, she sold the stock for $20 per share. What is the amount and character of her gain? O A. The gain of $500 is short-term capital gain. The gain of $1,000 is long-term capital gain. B. C The gain of S1,000 is short-term capital gain. The gain of $500 is long-term capital gain. OD. All of the following statements concerning the basis of property received for services are true EXCEPT O A. If you receive property for services and the property is subject to restrictions, your basis in the property is its fair market value when it becomes substantially vested. OB. If your employer allows you to purchase property at less than fair market value, your basis in the property is its fair market value. OC. if your employer allows you to purchase property at less than falr market value, Include the fair market value of the property in Income. OD. If you receive property for services, your basis is equal to the fair market value of the property received Which of the following statements is true about the deferral of gain on the sale of publicly traded securities where the proceeds are reinvested in a specialized small business investment company? O A. A specialized small business Investment company includes any partnership or corporation loensed by the Small Business Administration under Sec. 301(d) of the Small Business Investment Act of 1958. OB The exclusion is only available for individual taxpayers. O c. Publicly traded securities include only stock traded on a major stock exchange. OD. Eligible reinvestments include common and preferred stock or partnership interests in a specialized small business company Which of the following costs incurred on rental property should be classified as a capital improvement? . Replacing a broken window pane. B Replacing a 20-year-old roof. O C. Refinishing the existing wood floors. D. Repainting all of the interior walls Step by Step Solution
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