65. Go to the IRS Web site (www.irs.gov) and print Schedule D for Form 1040. Compute the...

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65. Go to the IRS Web site (www.irs.gov) and print Schedule D for Form 1040. Compute the net effect of the following asset sales on Gineen Tibeau’s taxable income using Schedule D:

a. 100 shares of ABC stock; original cost  $4,000; selling price  $6,000

b. $5,000 in CDF bonds; original cost  $5,100; selling price  $4,950

c. Original Dali drawing; cost  $23,000; selling price  $31,000

d. 200 shares of GHI stock; original cost  $8,000; selling price  $6,400

e. 5,000 shares of XYZ stock; original cost  $20,000; selling price 

$12,000 All assets except the CDF bonds have been held for more than one year.

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Taxation For Decision Makers

ISBN: 9781118091555

2012 Edition

Authors: Shirley Dennis Escoffier

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