Question
The Wilsons had the following activity in their brokerage account during the year (all transactions were reported on a basis information for each stock sale
The Wilsons had the following activity in their brokerage account during the year (all transactions were reported on a basis information for each stock sale and purchase was reported to the IRS)
Sold 2,000 shares of Microsoft 7/1/17 $22,500
Sold 75 shares of Apple, Inc. 4/15/17 $28,750
Sold 350 shares of Cooper Tire 10/14/17 $14,700
Sold 1,000 shares of Cardinal Health 9/3/17 $35,000
Sold 50 shares of Union Pacific 1/7/17 $2,750
Purchased 100 shares of Procter & Gamble 7/10/17 $7,700
Purchased 350 shares of Cooper Tire 11/1/17 $14,000
Purchased 350 shares of PepsiCo 5/14/17 $32,000
Purchased 300 shares of Kellogg 10/14/17 $21,000
Relevant tax basis/holding period information related to sales of securities in the current year:
Purchased 2,000 shares of Microsoft on 5/1/17 for $21,000
Purchased 200 shares of Apple, Inc. on 3/8/15 for $90,000
Purchased 300 shares of Cooper Tire on 1/12/14 for $9,000
Purchased 50 shares of Cooper Tire on 6/28/17 for $2,000
Received 1,000 shares of Cardinal Health from Diana’s father as a gift on 10/10/01. His father’s basis in the stock at the time of the gift was $7,000. Fair market value of the stock at the date of the gift was $41,000
Purchased 100 shares of Union Pacific on 9/5/16 for $6,000
The Wilsons have a $43,000 long-term capital loss carryover from the prior tax year.
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