Problem $1-29$

A Brief Overview of Capital Gains and Losses $($LO $1\mathrm{.}8)$

Compute the realized and recognized gain or loss for each of the following transactions and classify as short$-$term or long$-$term:

a$.$ Marge, a single taxpayer, receives $$8,000$ for the sale of stock she purchased six years ago for $$3,000.$

b$.$ Lisa, a single taxpayer, receives $$3,000$ for the sale of stock she purchased six months ago for $$8,000.$

c$.$ Bart and Maggie, married filing jointly taxpayers, receive $$3,000$ for the sale of stock they purchased three years ago for $$10,000.$

d$.$ Homer, a single taxpayer, receives $$12,000$ on the sale of his personal$-$use motorcycle. He purchased the motorcycle four months ago for $$16,000.$

e$.$ Mo$,$ a single taxpayer, receives $$16,000$ on the sale of his personal$-$use motorcycle. He purchased the motorcycle four years ago.for $$12,000.$

For those boxes in which you must enter subtractive or negative numbers use a minus sign. $($Example: $-300)$

$\backslash$table$[[$a$.,\backslash$table$[[$Gain$/($loss$)],[$Realized$]],\backslash$table$[[$Gain $($Iloss$)],[$Recognized$]],\backslash$table$[[$Long$-$term$/],[$Short$-$term$]]],[$$$,,$$$,,$