Reference no: EM132668778
Question - Betty incurs the following transactions during the current year. Without considering the transactions, her 2018 AGI is $92,000. Analyze the transactions and answer the following questions:
On March 10, 2018, she sells a painting for $2,000. Betty is the artist, and she completed the painting in 2013. Her basis for the painting is $50.
On June 18, 2018, she receives $28,500 from the sale of stock purchased by her uncle in 2003 for $10,000, which she inherited on February 20, 2018, as a result of her uncle's death. The stock's FMV on that date is $30,000.
On July 30, 2018, she sells land for $25,000 that ,vas received as a gift from her brother on April 8, 2018, when the land's FMV was $30,000. Her brother purchased the land for $43,000 on October 12, 2010. No gift tax was paid.
Required -
a. What is her NSTCL or NSTCG?
b. What is her NLTCL or NLTCG?
c. What is Betty's AGI?
d. What is her capital loss carry forward to the next year?
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