What is amount and nature of erin capital gains and losses

Assignment Help Financial Management

Reference no: EM131868580

1. In X8, Erin had the following capital gains (losses) from the sale of her investments: $2,000 LTCG, $25,000 STCG, ($9,000) LTCL, and ($15,000) STCL. What is the amount and nature of Erin's capital gains and losses?

A. $3,000 net short-term capital gain.

B. $3,000 net long-term capital loss.

C. $4,000 net short-term capital gain.

D. $4,000 net long-term capital loss.

E. None of the choices are correct.

2. Sheryl’s AGI is $250,000. Her current tax liability is $52,068. Last year, her tax liability was $48,722. She will not owe underpayment penalties if her total estimated tax payments are at least which of the following (rounded) amounts (assume she makes the required payments each quarter)?

A. $46,861

B. $53,594

C. $48,722

D. $51,547

3. In the current year, Norris, an individual, has $58,000 of ordinary income, a Net Short Term Capital Loss (NSTCL) of $9,200 and a Net Long Term Capital Gain (NLTCG) of $3,600. From his capital gains and losses, Norris reports:

A. an offset against ordinary income of $3,000 and a NSTCL carryforward of $2,600.

B. an offset against ordinary income of $3,000 and a NSTCL carryforward of $6,200.

C. an offset against ordinary income of $3,000 and a NSTCL carryforward of $5,600.

D. an offset against ordinary income of $3,600 and a NSTCL carryforward of $5,600.

E. an offset against ordinary income of $9,200.

Reference no: EM131868580

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