# accounting home work help

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 Course Project Solutions Description Proceeds Cost Basis Gain (Loss) Short-Term Long-Term Comments Inherited Stock 35,000 29,000 Inherited - so date of death FMV Stock 3,200 6,000 Land (1) 147,000 You have to calculate the cost basis - see 1 and 1a below Stock 1,725 1,350 Stock 9,200 10,000 Bond (2) 95,949 You have to calculate the basis, see 2 below (1) Amount realized Minus: basis (1a) Gain Realized - [1a] \$85,000 Original purchase price of property, paid by James's Uncle \$5,000 Gift tax paid at time of gift Include all of the gift tax to get your basis \$125,000 FMV of property at time of gift \$115,000 Amount of gift (equals the FMV of property less the exclusion amount. (2) Interest Amortization Interest Basis of Received of OID Income Bond 1/1/2009 92,777 6/30/2009 12/31/2009 6/30/2010 Look at my OID example spreadsheet for assistance on how to calculate this. Complete this section after you have finished the top section. Net Short-Term Capital Gain Net Long-Term Capital Gain Short-term Capital Loss Carryforward 8,000 (Carried forward from prior year) Capital Gain to be Reported Capital Loss Carryforward 0

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