ues 1) For each scenario determine whether there is a net capital gain, ordinary gain or capital loss. If there is a loss, how much is deductible in the current year:? How much of the loss carryforward is long term? How much of the loss carryforward is short term? Sort term gains $5000 $15000 $6000 Short term losses $8000 $6000 $15000 Long term gains $3000 $5000 $7000 Long term losses $1000 $7000 $5000 Ques2) Joe gave his sister Mona land that he had paid $5000 for. When he gave the land to Mona it was worth $2000. Mona sold the land 2 years later to an unrelated person for $9000. What is Joes' gain or loss? What is Mona's gain or loss when she receives the land from her brother? What is Mona's gain or loss when she sells the land two years later? Ques3) Jack sold his sister Amy land for $25,000. Jack had originally paid $10,000. Amy sold the land 2 years later for $32,000. What is Jack's gain or loss? What is Amy's gain or loss when she buys the land? What is Amy's gain or loss 2 years later when she sells the land? Ques4) Kelly sold her home for $425,000 She paid 150,000 for it several years ago. She had added a gara ge to the home costing 50,000 and had paid for lawn mowing over her years of ownership totalling $2,000. Kelly is single. The home has been her principal residence for the last 15 years. What is her taxable gain or loss on the sale of her home? Ques5) Kyle bought a building for $500,000. He had taken depreciation on the building of $175,000. He sold the building for $1,000,000. He would receive payments of $100,000 for the next 10 years. What is Kyle's total long term capital gain? What is Kyle's total ordinary income? How much capital gain and ordinary income will he report in each of the 10 years that he collects payments on the buiding