Required information Problem 7-46 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1996 4/10/2020 8/23/2018 5/19/2010 8/20/2020 Basis $ 8,050 15,600 12,750 5,870 7,860 Date Sold 7/22/2020 9/13/2020 10/12/2020 10/12/2020 11/14/2020 Amount Realized $ 5,140 19,450 18,020 13,600 3,900 Problem 7-46 Part-a (Algo) a. What is Grayson's net short-term capital gain or loss from these transactions? Net short-term capital gain or loss ! Required information Problem 7-46 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1996 4/10/2020 8/23/2018 5/19/2010 8/20/2020 Basis $ 8,050 15,600 12,750 5,870 7,860 Date Sold 7/22/2020 9/13/2020 10/12/2020 10/12/2020 11/14/2020 Amount Realized $ 5,140 19,450 18,020 13,600 3,900 Problem 7-46 Part-b (Algo) b. What is Grayson's net long-term gain or loss from these transactions? Net long-term capital gain or loss Required information Problem 7-46 (LO 7-2) (Algo) [The following information applies to the questions displayed below. Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1996 4/10/2020 8/23/2018 5/19/2010 8/20/2020 Basis $ 8,050 15,600 12,750 5,870 7,860 Date Sold 7/22/2020 9/13/2020 10/12/2020 10/12/2020 11/14/2020 Amount Realized $ 5,140 19,450 18,020 13,600 3,900 Problem 7-46 Part-c (Algo) c. What is Grayson's overall net gain or loss from these transactions? Net capital gain or loss Required information Problem 7-46 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1996 4/10/2020 8/23/2018 5/19/2010 8/20/2020 Basis $ 8,050 15,600 12,750 5,870 7,860 Date Sold 7/22/2020 9/13/2020 10/12/2020 10/12/2020 11/14/2020 Amount Realized $ 5,140 19,450 18,020 13,600 3,900 Problem 7-46 Part-d (Algo) d. What amount of the gain, if any, is subject to the preferential rate for certain capital gains? Net capital gain Required information Problem 7-46 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1996 4/10/2020 8/23/2018 5/19/2010 8/20/2020 Basis $ 8,050 15,600 12,750 5,870 7,860 Date Sold 7/22/2020 9/13/2020 10/12/2020 10/12/2020 11/14/2020 Amount Realized $ 5,140 19,450 18,020 13,600 3,900 Problem 7-46 Part-a (Algo) a. What is Grayson's net short-term capital gain or loss from these transactions? Net short-term capital gain or loss ! Required information Problem 7-46 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1996 4/10/2020 8/23/2018 5/19/2010 8/20/2020 Basis $ 8,050 15,600 12,750 5,870 7,860 Date Sold 7/22/2020 9/13/2020 10/12/2020 10/12/2020 11/14/2020 Amount Realized $ 5,140 19,450 18,020 13,600 3,900 Problem 7-46 Part-b (Algo) b. What is Grayson's net long-term gain or loss from these transactions? Net long-term capital gain or loss Required information Problem 7-46 (LO 7-2) (Algo) [The following information applies to the questions displayed below. Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1996 4/10/2020 8/23/2018 5/19/2010 8/20/2020 Basis $ 8,050 15,600 12,750 5,870 7,860 Date Sold 7/22/2020 9/13/2020 10/12/2020 10/12/2020 11/14/2020 Amount Realized $ 5,140 19,450 18,020 13,600 3,900 Problem 7-46 Part-c (Algo) c. What is Grayson's overall net gain or loss from these transactions? Net capital gain or loss Required information Problem 7-46 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2020: (Loss amounts should be indicated by a minus sign.) Description Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1996 4/10/2020 8/23/2018 5/19/2010 8/20/2020 Basis $ 8,050 15,600 12,750 5,870 7,860 Date Sold 7/22/2020 9/13/2020 10/12/2020 10/12/2020 11/14/2020 Amount Realized $ 5,140 19,450 18,020 13,600 3,900 Problem 7-46 Part-d (Algo) d. What amount of the gain, if any, is subject to the preferential rate for certain capital gains? Net capital gain