Stephanie sold the following stock in 2016.She received a 1099-B from each of the companies to record the sale.
$ABC,200sh$168,0001/10/12$200,0004/30/17JKL,100sh35,00011/15/1625,0001/28/17XYZ,50sh28,0003/31/1517,0008/30/17\begin{array}{lrrrr}\text { Asset }&\text { Cost }&\text { Acquired }&\text { Sale Price }&\text { Sale Date }\\\mathrm{ABC}, 200 \mathrm{sh} & \$ 168,000 & 1 / 10 / 12 & \$ 200,000 & 4 / 30 / 17 \\\mathrm{JKL}, 100 \mathrm{sh} & 35,000 & 11 / 15 / 16 & 25,000 & 1 / 28 / 17 \\ \mathrm{XYZ}, 50 \mathrm{sh} & 28,000 & 3 / 31 / 15 & 17,000 & 8 / 30 / 17\end{array}$ a.Complete the following table:
$XYZ\begin{array}{ll}\text { Asset } & \text { Gain (Loss) } &\text { Short or Long Term }\\\text { ABC } & \\\text { JKL } & \\\mathrm{XYZ} &\end{array}$ b.Calculate the short-term gain (loss)after netting.
c.Calculate the long-term gain (loss)after netting.
d.What is the resulting gain (loss)to be shown on the return?

Question

Stephanie sold the following stock in 2016.She received a 1099-B from each of the companies to record the sale.  Asset   Cost   Acquired   Sale Price   Sale Date  A B C , 200 s h $ 168 , 000 1 / 10 / 12 $ 200 , 000 4 / 30 / 17 J K L , 100 s h 35 , 000 11 / 15 / 16 25 , 000 1 / 28 / 17 X Y Z , 50 s h 28 , 000 3 / 31 / 15 17 , 000 8 / 30 / 17 \begin{array}{lrrrr}	ext { Asset } & 	ext { Cost } & 	ext { Acquired } & 	ext { Sale Price } & 	ext { Sale Date }\\mathrm{ABC}, 200 \mathrm{sh}  &  \$ 168,000  &  1 / 10 / 12  &  \$ 200,000  &  4 / 30 / 17 \\mathrm{JKL}, 100 \mathrm{sh}  &  35,000  &  11 / 15 / 16  &  25,000  &  1 / 28 / 17 \ \mathrm{XYZ}, 50 \mathrm{sh}  &  28,000  &  3 / 31 / 15  &  17,000  &  8 / 30 / 17\end{array}  Asset  ABC , 200 sh JKL , 100 sh XYZ , 50 sh ​  Cost  $168 , 000 35 , 000 28 , 000 ​  Acquired  1/10/12 11/15/16 3/31/15 ​  Sale Price  $200 , 000 25 , 000 17 , 000 ​  Sale Date  4/30/17 1/28/17 8/30/17 ​   a.Complete the following table:  Asset   Gain (Loss)   Short or Long Term   ABC   JKL  X Y Z \begin{array}{ll}	ext { Asset }  &  	ext { Gain (Loss) }  & 	ext { Short or Long Term }\	ext { ABC }  &  \	ext { JKL }  &  \\mathrm{XYZ}  & \end{array}  Asset   ABC   JKL  XYZ ​  Gain (Loss)  ​  Short or Long Term    b.Calculate the short-term gain (loss)after netting.c.Calculate the long-term gain (loss)after netting.d.What is the resulting gain (loss)to be shown on the return?

Karanpreet Singh · Accepted Answer

Final Answer :  a.  Asset   Gain (Loss)   Short or Long Term   ABC  32 , 000  Long term   JKL  ( 10 , 000 )  Short term   XYZ  ( 11 , 000 )  Long term  \begin{array}{lcc}	ext { Asset }  &  	ext { Gain (Loss) }  &  	ext { Short or Long Term } \	ext { ABC }  &  32,000  &  	ext { Long term } \	ext { JKL }  &  (10,000)  &  	ext { Short term } \	ext { XYZ }  &  (11,000)  &  	ext { Long term }\end{array}  Asset   ABC   JKL   XYZ  ​  Gain (Loss)  32 , 000 ( 10 , 000 ) ( 11 , 000 ) ​  Short or Long Term   Long term   Short term   Long term  ​ b.($10,000)c.$21,000d.$11,000

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