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Melissa Wimberley sold 100 shares of ABC stock wit...

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Question

Melissa Wimberley sold 100 shares of ABC stock with an adjusted basis of $1,000 for $2,000. She also sold 500 shares of XYZ stock with an adjusted basis of $20,000 for $12,000. She had no other sales of capital assets for the year. Her ordinary income for the year was $50,000. The previous tax year she had a capital gain of $2,000 and $45,000 of ordinary income. How much capital gain or loss will Melissa show on her current year tax year? Address the question of carrybacks and carryforwards if applicable.

 

Paper#4796 | Written in 18-Jul-2015

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