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Determine the gains or losses are long-term

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Question 1: Phil, a cash-basis taxpayer, sells the following markerable securities, which are capital assets during 2018. Determine whether the gains or losses are long-term or short-term . Also determine the net capital gain and adjusted net capital gain for 2018 .

Capital Trade Sales Asset Date Acquired

2018 10, 2017 20,000 Dee.

May 2 17, 000 30,000

Apr. 9, 201 Dec, 10 37, 400 8asis $40,000 Aug. 12

Reference no: EM132723706

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