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 |
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Long-Term Capital Loss Carryforward from prior year | $6,000 |
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- What would Robin report for capital gains and/or losses on her tax return in 2020?
What would Robins 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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