Question -

Q1. On April 18,2010, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September 29,2010, she purchased 90 additional shares for $900. On November 28,2010, she sold shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares for $188. What is her recognized loss?

Q2. Bert Baker had $50,000 salary during 2010 and had the following capital gains and losses:

STCL carryover from 2009......($4,000)

STCL................................($2,000)

STCG................................($1,000)

LTCL carryover from 2009.......($5,000)

LTCL.................................($3,000)

LTCG................................($6,000)

How should Bert treat the above on his 2010 tax return?

Q3. Jim Junction purchased a truck for business on November, 17, 2009, for $40,000. On July 21, 2010, he exchanged the truck for another in a like-kind exchange. The new truck had a fair market value of $42,000. When does holding period on the new truck begin and what is its basis?