The previous tax year she had capital gain of 2000 45000


Problem - Melissa Wimberley sold 100 shares of ABC stock with an adjusted basis of $1,000 for $2,000. She also sold 500 shares of XYZ stock with an adjusted basis of $20,000 for $12,000. She had no other sales of capital assets for the year. Her ordinary income for the year was $50,000. The previous tax year she had a capital gain of $2,000 and $45,000 of ordinary income. How much capital gain or loss will Melissa show on her current year tax year?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: The previous tax year she had capital gain of 2000 45000
Reference No:- TGS02569828

Now Priced at $20 (50% Discount)

Recommended (96%)

Rated (4.8/5)