Carol Had the Following Transactions During 2017: a Painting Held

question 43

Essay

Carol had the following transactions during 2017: a painting held for two years and sold at a gain of $85,000; 100 shares of Gray stock held six months and sold for a loss of $6,000; 50 shares of Yellow stock held 18 months and sold for a gain of $36,000. Carol also had $264,000 of taxable income from other sources than these property transactions. What is Carol's net capital gain or loss and what is her taxable income?

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Definitions:

Homosexual Relationships

Romantic and sexual unions between individuals of the same sex.

Satisfaction

Refers to the feeling of fulfillment or contentment arising from meeting one’s desires, expectations, or needs.

Same-Sex Marriages

Legal unions between two individuals of the same gender, recognized by some jurisdictions.

Legalize

To make something permissible by law, often referring to actions, substances, or activities that were previously illegal.