Please show me the calculation of this question becuse the answer is n.docx

R

Please show me the calculation of this question becuse the answer is not correct. 8.       During 2015, George receives a $60,000 salary and has no deductions for AGI. In 2014, George had a $5,500 STCL available and no other capital losses or capital gains. Consider the following sales. An automobile purchased in 2010 for $11,200 and held for personal use is sold for $9,000. On April 10, 2015, stock held for investment is sold for $30,000. The stock was acquired on November 20, 2014, for $16,000 Requirement Determine George\'s AGI for 2015. (Assume that the 2014 STCL of $5,500 is before George has taken any capital loss deduction in 2014. Complete all answer boxes. Enter a \"0\" for any zero-balances.) 2015 Salary                                                                   ? Net short-term capital gain (loss)                        ? Net long-term capital gain (loss)                        ? Total AGI                                                            ? Solution Hope this helps .

Please show me the calculation of this question becuse the answer is not correct.
8. During 2015, George receives a $60,000 salary and has no deductions for AGI. In 2014,
George had a $5,500
STCL available and no other capital losses or capital gains. Consider the following sales.
An automobile purchased in 2010 for $11,200 and held for personal use is sold for $9,000.
On April 10, 2015, stock held for investment is sold for $30,000. The stock was acquired on
November 20, 2014, for $16,000
Requirement
Determine George's AGI for 2015. (Assume that the 2014 STCL of $5,500 is before George
has taken any capital loss deduction in 2014. Complete all answer boxes. Enter a "0" for
any zero-balances.)
2015
Salary ?
Net short-term capital gain (loss) ?
Net long-term capital gain (loss) ?
Total AGI ?
Solution
Hope this helps
Salary $ 60,000
STCL available $ (5,500)
Purchase price of stock $ 16,000
Selling price of stock $ 30,000
Gain on sale of stock $ 14,000
Net short term capital gain = 14000 - 5500 $ 8,500
LTCL
Automobile Purchase price $ 11,200
Selling price $ 9,000
Net Long term capital loss $ (2,200)
Total AGI $ 66,300

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Please show me the calculation of this question becuse the answer is n.docx

  • 1. Please show me the calculation of this question becuse the answer is not correct. 8. During 2015, George receives a $60,000 salary and has no deductions for AGI. In 2014, George had a $5,500 STCL available and no other capital losses or capital gains. Consider the following sales. An automobile purchased in 2010 for $11,200 and held for personal use is sold for $9,000. On April 10, 2015, stock held for investment is sold for $30,000. The stock was acquired on November 20, 2014, for $16,000 Requirement Determine George's AGI for 2015. (Assume that the 2014 STCL of $5,500 is before George has taken any capital loss deduction in 2014. Complete all answer boxes. Enter a "0" for any zero-balances.) 2015 Salary ? Net short-term capital gain (loss) ? Net long-term capital gain (loss) ? Total AGI ? Solution Hope this helps Salary $ 60,000 STCL available $ (5,500) Purchase price of stock $ 16,000
  • 2. Selling price of stock $ 30,000 Gain on sale of stock $ 14,000 Net short term capital gain = 14000 - 5500 $ 8,500 LTCL Automobile Purchase price $ 11,200 Selling price $ 9,000 Net Long term capital loss $ (2,200) Total AGI $ 66,300