1

Gordon Grumps is married and files separately. During 2019, he had the following capital gains and...

Question

Gordon Grumps is married and files separately. During 2019, he had the following capital gains and...

Gordon Grumps is married and files separately. During 2019, he had the following capital gains and losses:

STCL ($1,000)

STCG 1,900

STCL carryover from 2018 (200)

LTCG 600 LTCL (10,000)

Gordon’s taxable income is $6,000. What is Gordon’s capital loss deduction for 2019 and his carryover?

Answers

Gordon Grumps:

Loss on capital assets is not allowed to set off against any other head of income other than Capital gains head. Long term capital loss can set off against Long term capital gains, Short term capital loss can set off against short term capital gains and long term capital gains. Unadjusted loss can be carryover to future assessment years.

In this case:

Capital loss deduction for 2019 -

Short term capital loss against short term capital gain for 2019 $ 1,000
Short term capital loss carryover from 2018 against short term capital gain for 2019 $ 200
Long term capital loss against long term capital gain for 2019 $ 600

Total capital loss deduction for 2019 - $ 1,800

Unadjusted Long term capital loss ($ 10,000 - $ 600) = $ 9,400 Carryover to future assessment years.


Similar Solved Questions

2 answers
How do you simplify #Cos [tan^-1(-1) + cos^-1(-4/5)]#?
How do you simplify #Cos [tan^-1(-1) + cos^-1(-4/5)]#?...
1 answers
The half‑equivalence point of a titration occurs half way to the equivalence point, where half of...
The half‑equivalence point of a titration occurs half way to the equivalence point, where half of the analyte has reacted to form its conjugate, and the other half still remains unreacted. If 0.5800.580 moles of a monoprotic weak acid (?a=3.6×10−5)(Ka=3.6×10−5) is titra...
1 answers
Reference all the Web site(s) you used for the MSDS. (vi) Study Questions (Refer to next...
Reference all the Web site(s) you used for the MSDS. (vi) Study Questions (Refer to next page for online tutorials and rules on balancing REDOX reaction) 1. For each reaction shown below, write the TWO balanced half reactions (i.e. one for oxidation and one for reduction) associated with each reacti...
1 answers
Please solve all page with work. e e N toidut by We belan l odheshwater th...
please solve all page with work. e e N toidut by We belan l odheshwater th g wscely den the standardin 15 postal di lam carbonate. The titration experiment and discover it takes 365 g of N.CO.(molar mas 108 molto nutralize of HC solution. Using the balanced equation, how many moles of H e ntaired b...
1 answers
7. Gilead, Johnson and Johnson, Moderna, amongst other are rushing to develop a vaccine for COVID-...
7. Gilead, Johnson and Johnson, Moderna, amongst other are rushing to develop a vaccine for COVID- 19. The organization to develop the vaccine will essentially have a monopoly due to patent rights and other barriers to entry such as costs, production, and expertise. Suppose Gilead develops a vaccine...
1 answers
1. John is studying the effects of income on the demand for peppers. Which factors are...
1. John is studying the effects of income on the demand for peppers. Which factors are held constant when using the "ceteris paribus" assumption? income all factors affecting demand, except income all factors affecting demand, including income none of the above Only price could change the ce...
1 answers
Objective: To perform some calculations involving magnetic forces on charged particles, and involving magnetic flux created...
Objective: To perform some calculations involving magnetic forces on charged particles, and involving magnetic flux created by a magnetic field. 1. An electron is moving in the +x direction at a constant speed in a region of space. a. If there is no external magnetic field (that is, no magnetic fiel...
1 answers
Fill in the missing amounts in each of the eight case situations below. Each case is...
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a....
1 answers
A machine with a cost of $56,100.00 has an estimated residual value of $3,019.00 and an...
A machine with a cost of $56,100.00 has an estimated residual value of $3,019.00 and an estimated life of 5 years or 16,649 hours. What is the amount of depreciation for the second full year, using the double declining-balance method? Select the correct answer. $22,440.00 $13,464.00 $21,232.40 $11,2...
1 answers
Find the trigonometric Fourier series (FS) and the exponential FS of the following: 2 *(1) 1.5...
Find the trigonometric Fourier series (FS) and the exponential FS of the following: 2 *(1) 1.5 1 0.5 O -0.5 1 -1 2 -1 0 2 b) 2 3 4 6 exponential FS Cnejnwot f(t) = En=-00 Where Cn 7Se+ f(t)e-inwot dt trigonometric f(t)= a, +Ža, cos(n6,t)+b, sin(n0,1 ao 1 T. 2 to an S f(t)dt sº f(t)cos(n0,1...
1 answers
3. There are 6 white beads and 5 black beads in your pocket. You randomly pull...
3. There are 6 white beads and 5 black beads in your pocket. You randomly pull the beads one by one out of your pocket and place them on a table. Let be the probability that the third bead drawn is the first white bead, where a and b are coprime positive integers. What is the value of a + b?...
1 answers
Question 27 (1 point) Sared Normally, the clown fish readily swims among the tentacles of the...
Question 27 (1 point) Sared Normally, the clown fish readily swims among the tentacles of the sea anemones: the parrot fish avoids them. One hypothesis for the clown fish's apparent immunity is that they slowly build a tolerance to the sea anemone's toxin. A second hypothesis is that a chemi...
1 answers
The Act was the first antitrust bill created in response to the increase in concentration ratios...
The Act was the first antitrust bill created in response to the increase in concentration ratios in many leading U.S. industries, including steel, railroads, mining, textiles, and oil. Sherman Antitrust Fair Trade Sarbanes-Oxley Steel Industry Citigroup Relief Christine's mother told her that sh...
1 answers
20 Points Question 3 Suppose we are given an mgf for the random variable y .-21...
20 Points Question 3 Suppose we are given an mgf for the random variable y .-21 . My(t) = (a) Determine the elements in the space Sy. BLANK-1 (b) Determine the probabilities for each yes. As an example, write your answer in the form, PIX= 1) = 1/2. BLANK-2 (C) Determine the E(Y). BLANK-3 (Round to t...
1 answers
Question 35 (6 points) A design engineer gives you the following data for your standard product....
Question 35 (6 points) A design engineer gives you the following data for your standard product. You know from numerous previous samples that its reliable life is normally distributed with a mean of 335 days and a standard deviation of 19.2 days. On a recent production run, she tested the duration o...
1 answers
If a researcher attempts to control the complexity of the phenomena being researched by specifying hypothesis to be tested that researcher is probably: a) using qualitative research methods b)using qu...
If a researcher attempts to control the complexity of the phenomena being researched by specifying hypothesis to be tested that researcher is probably: a) using qualitative research methods b)using quantitative research methods c) Using inductive reasoning d) not planning to use statistical test of ...
1 answers
MRNA Transcript and Features: 4 In sequence (b) below, use your mouse to click and mark...
mRNA Transcript and Features: 4 In sequence (b) below, use your mouse to click and mark the mid-point of the Shine-Dalgarno sequence. Shown below are: (a) the 5' sequence of an mRNA transcript of an E. coli gene, and (b) the DNA coding strand with the sequence of the promoter and beginning of th...
1 answers
3. (5 marks) You place pure SO3 in a flask at a pressure of 2.50 bar...
3. (5 marks) You place pure SO3 in a flask at a pressure of 2.50 bar (no other compounds are present initially). At equilibrium, 0.58 bar of O has been formed, along with SO2 and unreacted SOs as per the reaction shown below. Hint: You can solve this problem without an ICE table. 3(g) 2 SO2(g a) Wha...

-- 0.011846--