Exam 8: Property Transactions: Capital Gains and Losses, section 1231, and Recapture Provisions

Robin Corporation has ordinary income from operations of $30,000,net long-term capital gain of $10,000,and net short-term capital loss of $15,000.What is the taxable income for 2013?

Section 1231 property generally does not include artistic compositions.

On January 10,2013,Wally sold an option for $2,000 on vacant land he held as an investment.He had purchased the land in 2009 for $76,000.The option allowed the option holder to purchase the property for $122,000 plus the cost of the option.On March 1,2013,the option holder exercised the option.What is the amount and nature of Wally's gain or loss from disposition of the land?

An individual taxpayer with 2013 net short-term capital loss of $5,000 generally can deduct up to $3,000 for AGI and carry the balance forward to 2014.

Ryan has the following capital gains and losses for 2013: $6,000 STCL,$5,000 28% gain,$2,000 25% gain,and $6,000 0%/15%/20% gain.Which of the following is correct: