Problem 16-42 (c) (LO. 5) Martin and Lucia are married and filing a joint return....
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Problem 16-42 (c) (LO. 5) Martin and Lucia are married and filing a joint return. They have one child and have combined wages of $85,000 in 2019. The couple's 2019 stock transactions are detailed in the following table. In addition, they have $1,800 of qualifying dividends. Date Acquired Sales Price Item Date Sold Cost Turtle stock $29,000 12/10/18 03/13/19 $34,000 Rabbit stock 01/24/17 05/09/19 8,000 18,000 09/01/14 07/31/19 4,500 Parrot stock 12,000 Cat stock 04/05/18 04/20/19 16,000 23,000 08/19/18 02/07/19 Dog stock 22,000 10,000 Snake stock 03/01/18 01/15/19 $45,000 $56,000 a. Determine the nature and amount of the gain or loss for each of the stock transactions. Type of Gain or Loss Item Amount Long-term capital gain Turtle stock $ $ Rabbit stock Parrot stock Cat stock $ Dog stock $ $ Snake stock of $ and a net long-term capital b. Martin and Lucia have a net short-term capital of of $ Consequently, there is a net Martin and Lucia's AGI is $
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