Question
Robin, an ice cream shop owner, had the following transactions happen in 2020 (all regular capital assets): Sales Price Basis Purchased Sold Turtle Stock $25,000
Robin, an ice cream shop owner, had the following transactions happen in 2020 (all regular capital assets):
Sales Price Basis Purchased Sold
Turtle Stock $25,000 $8,000 7/15/2005 1/12/2020
Waffle Cone Stock $16,000 $10,000 7/1/2019 4/20/2020
Rocky Road Stock $3,000 $8,000 2/12/2011 11/29/2020
Vanilla Stock $4,700 $3,200 8/2/2002 5/2/2020
Chocolate Stock $7,000 $9,000 5/30/2020 10/20/2020
Long-Term Capital Loss Carryforward from prior year $6,000
a)What would Robin report for capital gains and/or losses on her tax return in 2020?
b)What would Robin's total tax liability be if her taxable income, not including any capital gains and losses, was $89,000 for 2020?Assume Robin is single and not self-employed.
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