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Determine the tax consequences of these transactions.?

January 27, 2011 by  
Filed under Silver Investment FAQ

Individual D is in the %35 tax bracket. This year he executee the following transactions:

Sale of shares of xyz:
sale price 2000, adjusted basis 1000, holding period 15 mos.

Sale of land held for investment :
sale price 9000, adjusted basis 3000, holding period 19 mos.

Sale of silver held for speculation:
sale price 5000, adjusted bais 7000, holding period 23 mos.

Sale of personal jewelry:
sale price 4000, adjusted basis 6000, holding period 60 months

I don’t even know where to begin. This is a homework question but it isn’t graded. We are going over them in class, but I would at least like to know how to do it because I don’t want to fall behind, so…I would really like it if you could tell me how to do it, rather than just give me an answer?

Thank you!!
And please, if I need a ‘schedule’ to do this, let me know which one(s).

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