Pamela's Stock

Jun 4th, 2016
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Sold stock received as an inheritance from Pamela's Mother for $35,000. Pamela's Mother purchased the stock 10 years ago for $9,000. On the date of Pamela's Mother's death the stock's FMV was $29,000. Pamela's Mother died three years ago. Sold stock purchased ten months ago for $6,000 for $3,200. Sold land that was a gift from James's Uncle for $150,000. The property was received on June 15, 1995, when the property had a $125,000 FMV. The taxable gift was $115,000 because the annual exclusion was $10,000 in 1995. James's Uncle purchased the land on July 27, 1980, for $85,000. At the time of the gift, gift tax of $5,000 was paid. A sales commission of $3,000 was paid at the closing on the sale of the land. Sold stock purchased four years ago for $1,350 for $1,725. Sold stock purchased 13 months ago for $10,000 for $9,200. Purchased stock on July 8th for $11,000; the stock is currently held in an investment account. The Brock's have a $8,000 short-term loss carryforward from the prior year

Word Count: 806
Showing Page: 1/8
SCHEDULE FOR PROCEEDSSr.#1ParticularsCashStock PurchasedLong Term Capital Gain(Stock Sold on gain received as an inheritance)2CashStock PurchasedShort Term Capital Loss(Stock Sold on loss bought for $6,000)3CashLandLong Term Capital Gain(Land Sold on Gain)4CashStock PurchasedLong Term Capital Gain(Stock Sold on gain bought for $1,325)5CashStock PurchasedLong Term Capital Loss(Stock Sold on loss bought for $10,000)Short Term InvestmentStock PurchasedDebit ($)35,000.0035,000.003,200.002,800.006,000.00150,000.00150,000.001,725.001,725.009,200.00800.0010,000.0011,000.006(Stock hold as an investment account)7Cash8% Corporate Bond $100,000Long Term Capital Gain11,000.0095,949.007(Corporate Bonds sold on gain)Total Long Term Gain From AboveTotal Long Term Loss From AboveNet short-term capital gain or loss before consideration ofthe prior year loss carryforward;Net long-term capital gain or loss before consideration ofthe prior year loss carryforward;Amount of capital gain to be reported;Amount of capital loss that will be carried forward to nextyear.95,949.00$ 27,047.00$800.00$ (2,800.00)$ 26,247.00$ 15,447.00$ 11,600.00COST BASISCredit ($)29,000.006,000.00Sr.#ParticularsStock PurchasedOwner's EquityDebit ($)29,000.00135,000.00(Stock transferred as an inheritance)Stock PurchasedOwner's Equity6,000.0029,000.006,000.0026,000.00133,000.0017,000.00(Stock b

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