(Solved): Problem 1-29 A Brief Overview of Capital Gains and Losses (LO 1.8) Compute the realized and recogni ...

Problem 1-29 A Brief Overview of Capital Gains and Losses (LO 1.8) Compute the realized and recognized gain or loss for each of the following transactions and classify as short-term or long-term: a. Marge, a single taxpayer, receives $\$8,000$ for the sale of stock she purchased six years ago for $\$3,000$. b. Lisa, a single taxpayer, receives $\$3,000$ for the sale of stock she purchased six months ago for $\$8,000$. c. Bart and Maggie, married filing jointly taxpayers, receive $\$3,000$ for the sale of stock they purchased three years ago for $\$10,000$. d. Homer, a single taxpayer, receives $\$12,000$ on the sale of his personal-use motorcycle. He purchased the motorcycle four months ago for $\$16,000$. e. Mo, a single taxpayer, receives $\$16,000$ on the sale of his personal-use motorcycle. He purchased the motorcycle four years ago for $\$12,000$. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300 )