Tax Accounting Capital Gain/Loss Calculation
Murphy Smith has the following stock transactions for 2018
Based on the information in the above table, answer the following questions:
What is Murphy’s net short-term capital gain or loss from these transactions?
What is Murphy’s net long-term capital gain or loss from these transactions?
What is Murphy’s net gain or loss from these transactions?
Based on (a) through (c), complete Murphy’s Schedule D using ProConnect Tax software or IRS fillable tax forms.
Requirements:
Clearly identify the requirements discussed in your assignment. Show all calculations within the cells of an Excel spreadsheet to be submitted with the required tax form or schedule. Schedule D may also be submitted as PDF or converted into a Word document. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading.
