What will be the net capital gain

Assignment Help Accounting Basics
Reference no: EM132895370

Question - An individual had the following gains and losses for the year:

Short-term capital loss $30,000

Section 1231 loss $20,000

Long-term capital gain (unrecaptured Section 1250 at 25%) $18,000

Collectibles gain (28% rate) $20,000

Long-term capital gain (15% rate) $15,000

Required - What will be the net capital gain (loss) reported by the individual and at what applicable tax rate(s)?

A. Long-term gain of $3,000.

B. Collectibles gain of $3,000.

C. Long-term gain (unrecaptured Section 1250) of $3,000 at 25% and collectibles gain of $20,000 at 28% rate.

D. Long-term gain (unrecaptured Section 1250) of $8,000 at 25% and long-term gain of $15,000 at 15%.

Reference no: EM132895370

Questions Cloud

Explain telemarketing and personal selling : Professional marketers and salespeople follow the AIDA strategy (attention, interest, desire, and action) when persuading consumers.
Preventing falls in housing construction : Prepare a PowerPoint Presentation to deliver to your workers,to emphasize as an example, the range if Hazards, Risks, and Control Measures associated
Explain Why is important for HR Management to transform : Why is it important for HR Management to transform from an administrative and operational function to a strategic partner? Provide a brief history.
Why is robust supply chain : Why is a robust supply chain not necessarily a resilient supply chain? Please provide an example to back up your research.
What will be the net capital gain : Long-term capital gain (15% rate) $15,000. What will be the net capital gain (loss) reported by the individual and at what applicable tax rate(s)
How hr professionals can leverage human capital analytics : Identify three metrics HR professionals can use to support organizational goals. How HR professionals can leverage human capital analytics
Prepare the journal entry to record income tax expense : Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2022
How the influence of AI and new supporting technologies : How the influence of AI and new supporting technologies such as cloud ,IOT could compromise on data and patients health related critical information
Create a chart depicting a fair and equitable timeline : Propose three ways, proven to be effective, that a manager can cope with negative emotions that accompany an organizational layoff.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What type of communication should angelo

What procedures could Angelo perform to find out whether any other legal firms have performed work for Acme during the financial year?

  Does the cost per cup of coffee served increase decrease or

espresso express operates a number of espresso coffee standsin busy suburban malls. the fixed weekly expense of a

  Prepare the appropriate journal entry to record income taxes

In 2018, Ryan Management collected rent revenue for 2019 tenant occupancy. Prepare the appropriate journal entry to record income taxes

  Prepare a production budget

Prepare a production budget and a direct manufacturing labor budget for Roletter Company by month and for the first quarter of 2013

  Prepare the current assets section of ellison balance sheet

Finished goods inventory 12500. Prepare the Current Assets section of Ellison Company's balance sheet at December 31, 2008

  Summarize the important changes and explanations

For the second part of the assignment, you will create a presentation using PowerPoint (or other equivalent software) summarizing the important changes.

  What profit or loss would security brokers incur

Security Brokers Inc. specializes in underwriting new issues by small firms. On a recent offering of Beedles Inc., the terms were as follows.

  BUSI320 Corporate Finance Assignment Problem

BUSI320 Corporate Finance assignment help and solutions, Liberty University, assessment help - You have been asked to assess the expected financial impact.

  Discuss activitys overhead cost pool

Prepare a schedule assigning each activity's overhead cost pool to each product based on the use of cost drivers

  How much of this annuity is includible in gross income

This annuity cost him $2,400, and it has an expected return of $7,200. How much of this annuity is includible in gross income for the 2018 calendar year

  What are the components of operating cash flow

What is the difference between a marginal and an average tax rate? Why is interest paid not a component of operating cash flow

  What was the ending asset balance for bills business

What was the ending asset balance for Bill's business?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd