What is the amount of her capital loss deduction for the current year, and what is the amount and character of her capital loss carryover? Amanda, whose tax rate is 33%, has NSTCL of $25,000, a $30,000 LTCG from sale of a rare coin held 15 months and a $18,000 LTCG from the sale of stock held for three years. By what amount will Amanda's tax liability increase? A) $7, 340 B) $3, 450 C) $6, 440 D) $4, 100 On July 25, 2015, Marilyn gives stock with a FMV of $7, 500 and a basis of $5,000 to her nephew Darryl. Marilyn had purchased the stock on March 18, 2015. Darryl sold the stock on April 18, 2016 for $7, 800. As a result of the sale, what will Darryl report on his 2016 tax return? A) $2, 800 STCG B) $300 STCG C) $300 LTCG D) $2, 800 LTCG Rita died on January 1, 2016 owning an asset with a FMV of $730,000 that she purchased in 2010 for $600,000. Bert inherited the asset from Rita. When Bert sells the asset for $800,000 on August 20, 2016, he must recognize a A) LTCG of $200,000. B) STCG of $200,000. C) LTCG of $70,000. D) STCG of $70,000. All of the following are capital assets with the exception of A) corporate stock held for investment. B) equipment used in a trade or business. C) a Rembrandt painting held in a private collection. D) personal residence