Question

Marcus has the following capital gains and losses during the current year: 25% Long-term capital loss...

Marcus has the following capital gains and losses during the current year:

25% Long-term capital loss $(9,000)

Regular (0/15/20%) Long-term capital loss            (3,000)

Regular (0/15/20%) Long-term capital gain 2,000

28% Collectibles gain 1,000

Short-term capital loss (2,000)

Short-term capital gain 4,000

After netting, what effect will Marcus’s capital gains and losses have on his AGI this year?

Group of answer choices

Increase it by $9,000

None of these

Reduce it by $3,000

Reduce it by $5,000

They will not affect his AGI

Homework Answers

Answer #2

Hi

Let me know in case you face any issue:

answered by: anonymous
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Marcus has the following capital gains and losses during the current year: 25% Long-term capital loss...
Marcus has the following capital gains and losses during the current year: 25% Long-term capital loss $(9,000) Regular (0/15/20%) Long-term capital loss            (3,000) Regular (0/15/20%) Long-term capital gain 2,000 28% Collectibles gain 1,000 Short-term capital loss (2,000) Short-term capital gain 4,000 After netting, what effect will Marcus’s capital gains and losses have on his AGI this year? Group of answer choices Increase it by $9,000 None of these Reduce it by $3,000 Reduce it by $5,000 They will not...
Capital Gains and Losses (LO. 5) Jawan has the following capital gains and losses in the...
Capital Gains and Losses (LO. 5) Jawan has the following capital gains and losses in the current year: Short-term capital loss $1,300 Long-term capital gain 8,600 Long-term capital loss 4,100 Long-term capital loss carryforward 3,500 What is the effect of the capital gains and losses on Jawan's taxable income? The capital gain and loss netting results in a short-term capital loss of $_________.
During the year, Mr. G had the following capital transactions: Long-Term Long-Term Short-Term (28% Basket) (15%...
During the year, Mr. G had the following capital transactions: Long-Term Long-Term Short-Term (28% Basket) (15% Basket) Gains $  9,000 $15,000 $  8,000 Losses 10,000 10,000 12,000 Determine the overall result of the transactions. $4,000 long-term capital gain. $0 long-term capital gain. $1,000 short-term capital loss. $5,000 long-term capital gain.
Ryan is in the highest marginal rate bracket has the following capital gains and losses for...
Ryan is in the highest marginal rate bracket has the following capital gains and losses for 2019: $6,000 STCL, $5,000 long-term collectibles gain, $2,000 unrecaptured 1250 gain, and $6,000 regular long term capital gain. Which of the following is correct: Group of answer choices a. The net capital gain is composed of $1,000 25% gain and $6,000 20% gain. b. The net capital gain is composed of $5,000 28% gain and $2,000 20% gain. c. The net capital gain is...
Tyler has the following capital gains and losses: Short Term Capital Gain: $10,000 Short Term Capital...
Tyler has the following capital gains and losses: Short Term Capital Gain: $10,000 Short Term Capital Loss: ($4,000) Long Term Capital Gain: $15,000 What is the total capital gains / losses? What is the tax rate?
Tax Treatment of Capital Losses) In 2017, Steven Spielberg (single) has $5,000 of net short-term capital...
Tax Treatment of Capital Losses) In 2017, Steven Spielberg (single) has $5,000 of net short-term capital loss and $17,000 of net long-term capital loss. In 2018, he has $2,000 of net short-term capital gain, $8,000 of net 28% long-term capital gain, and $4,000 of net 0%/15%/20% long-term capital gain. Determine the type (short-term or long-term) and amount of capital loss to be carried forward to 2018 and 2019, respectively.
How do we offset Capital gains and losses each year?  Bracketing is a process for doing this.  What...
How do we offset Capital gains and losses each year?  Bracketing is a process for doing this.  What is included in the bracketing process?   HINT: Long-Term Capital Gains/LTCG Long-Term Capital Losses/LTCL Short-Term Capital Gains/STCG Short-Term Capital Losses/STCL With the following information, do the bracketing as you explained above and determine what type of gain or loss you would have. Sold piece of investment land held for two years for a gain of           $5,000 Sold stock in a company held for three months for...
) Thoren has the following items for the year: $4,000 of short-term capital gain, $5,000 of...
) Thoren has the following items for the year: $4,000 of short-term capital gain, $5,000 of 0%/15%/20% long-term capital gain, and $1,500 of 28% capital loss. Which of the following is correct? a. The $1,500 loss will first be offset by the $4,000 short-term gain. b. The $1,500 loss will first be offset by the $5,000 long-term gain. c. The $4,000 short-term gain will first be offset by the $5,000 long-term gain. d. The taxpayer will have a net short-term...
An individual taxpayer has the following gains and losses from property transactions. What is the effect...
An individual taxpayer has the following gains and losses from property transactions. What is the effect on the taxpayer’s taxable income? $ 4,000 Long-term capital gain 7,000 Long-term capital loss 10,000 Section 1231 gain 6,000 Section 1231 loss 3,000 Short-term capital gain 6,000 Short-term capital loss
After completing all netting of gains and losses for 2019, Jiang and Julie, a married couple...
After completing all netting of gains and losses for 2019, Jiang and Julie, a married couple filing jointly, have $58,000 of ordinary income, a short term capital gain of $5,000, an unrecaptured §1250 gain of $4,000, and a long term capital gain of $8,000. What is their tax liability?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT