This is Becker TBS REG4-SIM1-3
In Year 11, Gearty, whose filing status is not MFS, sold the following stocks:
1) Stock in A Corp that he purchased on July 14, Year 1 for $40,000.
2) Stock in B Corp that he purchased on July 11, Year 2 for $97,000.
3) Stock in C Corp that he purchased on December 10, Year 10 for $15,000.
4) Stock that Gearty inherited from his mother, who died on January 5, Year 11. Her basis was $10,000 and the fair market value at her death was $27,000. She had acquired the stock on January 3, Year 11. The alternative valuation date was not elected on her estate.
5) Stock that Gearty received as a gift in Year 5. The donor’s basis was $25,000 and the fair market value at the date of the gift was $20,000. The donor had owned the stock for several years.
In Column B, use the drop-down menu to indicate whether the gain or loss from the sale is short-term or long-term. In Column C, use the drop-down menu to indicate whether the sale results in a gain or a loss. In Column D, enter the amount of the gain or loss
Now, on # 2) he sold it for 15,000 on may12
I guess i got it the loss is 82,000 and at the very end we can apply the max allowed capital loss which is 3000
Am i right?
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