Question
Summer Rain moved to Europe and sold the following items prior to leaving: Original Cost Proceeds 2015 Vehicle $24,000 $10,000 Antique cabinet 1,000 2,000 Three
- Summer Rain moved to Europe and sold the following items prior to leaving:
Original Cost | Proceeds | |
2015 Vehicle | $24,000 | $10,000 |
Antique cabinet | 1,000 | 2,000 |
Three rare coins | 100 | 1,100 |
Shares in a public corporation | 4,000 | 3,000 |
Boat | 500 | 600 |
Limited edition painting | 800 | 2,500 |
Sculpture | 1,100 | 900 |
Summer has been carrying forward an LPP loss of $5,000 for the past 5 years. She had no capital gains in the past three years, so no losses can be carried back.
Required:
Calculate the tax consequences of Summer’s sales transactions and, indicate any loss carry-forwards that are still available and when they expire.
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