Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with form portion This is all that is given Class : Taxation for Individuals (United States) Problem 13-51 (LO. 1, 2, 3) Karen

Please help with form portion This is all that is given Class : Taxation for Individuals (United States) image text in transcribed

image text in transcribed

image text in transcribed

Problem 13-51 (LO. 1, 2, 3) Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock: Assuming that Karen is unable to identify the specific lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates. If an amount is zero, enter " 0 ". a. For the period from 1-1-2020 to 7-1-2020. There is I of $ b. For the period from 7-2-2020 to 12-31-2020. There is a recognized of $ for MDG. c. For the year ending 12-31-2021. There is a recognized of $ for GRU. d. For the period 1-1-2022 to 7-1-2022. There is a recognized of $ for MDG. There is a recognized of $ for GRU. e. Form 8949 and Schedule D (Form 1040) are used to report sales of capital assets (which include stock sales). Complete the forms for part (c) of this problem, assuming that the brokerage firm did not report Karen's basis to the IRS. Note: You only are required to complete Schedule D (Form 1040) through line 16. If required, use the minus sign to indicate a loss. boxes, complete as many forms with the same box checked as you need. (D) Long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see Note above) G (E) Long-term transactions reported on Form(s) 1099-B showing basis wasn't reported to the IRS Part II Long-Term Capital Gains and Losses-Generally Assets Held More Than One Year (see instructions) For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 11338H Schedule D (Form 1040) 2021 Page 2 Part III Summary Problem 13-51 (LO. 1, 2, 3) Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock: Assuming that Karen is unable to identify the specific lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates. If an amount is zero, enter " 0 ". a. For the period from 1-1-2020 to 7-1-2020. There is I of $ b. For the period from 7-2-2020 to 12-31-2020. There is a recognized of $ for MDG. c. For the year ending 12-31-2021. There is a recognized of $ for GRU. d. For the period 1-1-2022 to 7-1-2022. There is a recognized of $ for MDG. There is a recognized of $ for GRU. e. Form 8949 and Schedule D (Form 1040) are used to report sales of capital assets (which include stock sales). Complete the forms for part (c) of this problem, assuming that the brokerage firm did not report Karen's basis to the IRS. Note: You only are required to complete Schedule D (Form 1040) through line 16. If required, use the minus sign to indicate a loss. boxes, complete as many forms with the same box checked as you need. (D) Long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see Note above) G (E) Long-term transactions reported on Form(s) 1099-B showing basis wasn't reported to the IRS Part II Long-Term Capital Gains and Losses-Generally Assets Held More Than One Year (see instructions) For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 11338H Schedule D (Form 1040) 2021 Page 2 Part III Summary

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions