Elliott has the following capital gain and loss transactions for 2015. a. Short-
ID: 2470150 • Letter: E
Question
Elliott has the following capital gain and loss transactions for 2015.
a.
Short-term capital gain
$1,500
b.
Short-term capital loss
$3,600
c.
Long-term capital gain (28%)
$12,000
d.
Long-term capital gain (25%)
$4,800
e.
Long-term capital gain (15%)
$6,000
f.
Long-term capital loss (28%)
$4,500
g.
Long-term capital loss (15%)
$9,000
After the netting process, Elliott has an overall Select: (net long-term capital gain, net long-term capital loss, net short-term capital gain, net short-term capital loss) of $__________ .
a.
Short-term capital gain
$1,500
b.
Short-term capital loss
$3,600
c.
Long-term capital gain (28%)
$12,000
d.
Long-term capital gain (25%)
$4,800
e.
Long-term capital gain (15%)
$6,000
f.
Long-term capital loss (28%)
$4,500
g.
Long-term capital loss (15%)
$9,000
Explanation / Answer
Elliot's Capital Gain Loss Details Amt $ a Short Term Caiptal Gain 1,500 b Short term Capital Loss 3,600 j Net Short Term Capital loss=b-a= 2,100 Long Term Capital gain Loss c Long term Capital Gain 28% 12,000 f Long term Capital Loss 28% 4,500 h Net Long term Capital gain 28% 7,500 d Long term Capital Gain 25% 4,800 e Long term Capital Gain 15% 6,000 g Long Term Capital Loss 15% 9,000 i Net Long Term Capial Loss 15% 3,000 Total Net Long Term Capital Gain=h+d= 12,300 Total Net Long term Capital Loss=i 3,000 k Net Long Term Capital Gain=h+d-i 9,300 Summary k Net Long term Capital Gain 9,300 i Net Short tem Capital Loss $ 2,100 Net Long term Capital Gain =k-i= $ 7,200
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