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Consider the four independent situations below for an unmarried individual, and analyze the effects of the capital gains and losses on the individual's AGI.

                                                               Situation 1 Situation 2 Situation 3 Situation 4
AGI (excluding property transactions)      $40,000    $50,000      $60,000     $70,000
Short-term capital gains (STCG)                  6,000       2,000          5,000          6,000
Short-term capital losses (STCL)                 2,000        5,000          4,000         15,000
Long-term capital gains (LTCG)                   3,500       15,000       10,000          9,000
Long-term capital losses (LTCL)                  2,500         4,000        12,000         4,000


a. find out the amount of net short-term capital gain (NSTCG) or net short-term capital loss (NSTCL).

b. find out the amount of net long-term capital gain (NLTCG) or net long-term capital loss (NLTCL).

c. find out AGI after considering the capital gains and losses.

d. Identify if in any of the four situations there is a loss carryforward.

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  • Category:- Accounting Basics
  • Reference No.:- M942122

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