Solution-What are the tax consequences of gains

What are the tax consequences of gains

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Reference no: EM132576727

Andrew Graham had the following recognized gains and losses during 2019:

Personal use casualty loss (watch owned 2 years)...... ($400)

Section 1231 gain...............................................................$500

Section 1231 loss..............................................................($750)

Net LTGC............................................................................$3,000

Net STLC...............................................................................($2,000)

Question 1: What are the tax consequences of these gains and losses to Andrew?

Andrew's adjusted gross income is $40,000 without considering the above items.

Reference no: EM132576727

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What are the tax consequences of gains

Reference no: EM132576727

Reference no: EM132576727

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