Jonathan and dianna are a married couple and have the

Reference no: EM13586468

1.Lowes Company sold a machine to a dealer for $25,000. Lowes bought the machine for $55,000 and has claimed $15,000 of depreciation expense on the machine. What gain or loss does Lowes realize on the transaction?

2. Elizabeth has recently retired and now wants to pursue her life-long dream of owning a sailboat. To come up with the necessary cash, she sells the following investments:

Stock	Market Value	Basis	Holding Period
Bradbury	$ 40,000	$ 5,000	Short-term
Zappos	$ 20,000	$ 30,000	Short-term
Longhorn Tech	$ 20,000	$ 12,000	Long-term
Stanley Corp.	$ 17,000	$ 28,000	Long-term

What is Elizabeth's net capital gain/loss for the year?

3. Jonathan and Dianna are a married couple and have the following capital stock transactions during the year. What is the couple's net capital gain/loss for the year?

Capital Gain/Loss	Amount
Short-term capital gain	$ 9,000
Long-term capital loss	6,000
Short-term capital loss	2,000
Long-term capital gain	15,000

4. For 2014, Joey has a short-term loss of $2,500 and a long-term loss of $4,750.

a. How much loss can Joey deduct in 2014?

b. How much loss will Joey carryover to 2015, and what is the character of the loss carryover?

Reference no: EM13586468

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