Which would result in a recognized capital loss

Reference no: EM132700275

Problem 1: Which of the following would result in a recognized capital loss (before netting process) to the taxpayer?

Select one or more:

a. Reesa purchased a vintage bottle of wine in 2015 for $8000. She sold it in 2020 for $7000.

b. Paula was in business. She had $20,000 of accounts receivable. She sold (factored) the accounts received to a bank for $18,000.

c. Jurgen sold only two parking lots used in his business. Land A had a gain of $30,000 and land B had a loss of $(10,000). After netting, Land A will have LTCG of $30,000 and Land B will have a LTCL of $10,000.

d. Tyler bought a house in 2016 for $500,000. He rented it out until he sold it for $450,000 in 2020.

e. Shiela's house was destroyed in a fire which was declared a federal disaster area.

f. Wendy purchased a house for $800,000. She rented it out for 5 years. She moved in the house for one year and sold it for $700,000. $100,000 is a LTCL.

Reference no: EM132700275

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