Ms Pangolin sold two stocks on Monday March 9, 2020. The capital gain of Teladoc Health...
Ms Pangolin sold two stocks on Monday March 9, 2020. The capital gain of Teladoc Health stock was $25,500. The capital loss on the haliburton stock was $18,500. What is the taxable gain or loss Ms Pangolin should record for the year.
Homework Answers
Ms Pangolin should record a taxable gain of $7000 i.e. ($25,500- $18500)
Capital gains are the gains that are realised when an asset is sold for more amount as compared to the amount at which it is purchased . In case their is capital gain and capital loss then in such a situation capital gains can be reduced by deducting the amount of capital losses ( i.e. when a taxable asset is sold for less than the purchase price).
Capital Gains - Capital losses = "Net Capital Gains".
This net capital gain is taxable which is $7000 in the given case.
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