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Consider the four independent situations below for an

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Consider the four independent situations below for an unmarried individual, and analyze the effects of the capital gains and losses on the individual's AGI.

  • Situation 1 Situation 2 Situation 3
  • AGI $40,000 $50,000 $60,000
  • STCG 6,000 2,000 5,000
  • STCL 2,000 5,000 4,000
  • LTCG 3,500 15,000 10,000
  • LTCL 2,500 4,000 12,000

Required:
a. Calculate the amount of net short-term capital gain (NSTCG) or net short-term capital loss (NSTCL).
b. Calculate the amount of net long-term capital gain (NLTCG) or net long-term capital loss (NLTCL).
c. Calculate AGI after considering the capital gains and losses.
d. Identify if in any of the four situations there.

Reference no: EM13576156

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