Question

I Short-term Capital Loss $ $ Asset 4 Building 5 Farm land 6 Racehorse 7 Equipment 8 XCON stock Amount Realized 400,000 50,000 250,000 100,000 50,000 Adjusted Basis 300,000 15,000 40,000 220,000 112,000 | E F G H CHARACTER OF GAIN OR LOSS Realized/Recognized | $291 1245 1231 $1231 Gain (Loss) Recapture Recapture Gain Los $ 100,000 $ 20,000 $ 80,000 35,000 35,000 210,000 160,000 50,000 (120,000) 120,000 (62,000) GROSS TOTALS $ 20,000 $ 160,000 $ 165,000 $ 120,000 LESS: LOOKBACK LOSS (10,000) NET TOTALS $ 20,000 $ 160,000 $ 155,000 $ 120,000 62,000 62,000 $ $ 62,000 Net $1231 Gain (Loss) «<<<Insert a formula in cell so I know which amounts you are netting. 1 15 Net Ordinary Income <<<<Insert a formula in cell so I know which amounts you are netting. 17 Net Capital Gain (Loss) ««<<Insert a formula in cell so I know which amounts you are netting. $5,000,000 Each cell shaded either is valued at one (1) point. 20 Initial taxable income 21 Ordinary income 22 Capital loss 23 Adjusted taxable income (from cell B15) (deductible portion only) $ 5,000,000

Answer 1

Net gain/loss: 80000(building) + 50000(race horse)- 10000(lookback loss)= 120000

capital loss : equipment loss+ shot term capita loss = 120000+ 62000= 182000