| | Each scenario listed below is independent | Part 1 | Part 2 |
| a | The taxpayer has W-2 income of $50,000 and sold stock purchased 6 months ago for $5,000. The shares were purchased for $500 |
| b | The taxpayer has W-2 income of $50,000 and sold stock purchased 3 years ago for $5,000. The shares were purchased for $50 |
| c | The taxpayer has W-2 income of $50,000 and sold personal residence purchased 3 years ago for $400,000. The home was purchased for $100,000 (with no other basis adjustments). |
| d | The taxpayer has W-2 income of $50,000 and sold personal residence purchased 3 years ago for $400,000. The home was purchased for $300,000 (with no other basis adjustments). |
| e | The taxpayer has W-2 income of $50,000 and sold stock purchased 3 years ago for $5,000. The shares were purchased for $5000 |
| f | The taxpayer has W-2 income of $50,000 and sold stock purchased 3 months ago for $5,000. The shares were purchased for $500 |
| g | The taxpayer has W-2 income of $50,000. The taxpayer made a loan (with a written agreement) to a friend for $2,000. The friend filed for bankruptcy and will not be repaying the loan |
| h | The taxpayer has W-2 income of $50,000. The taxpayer made a loan (with a written agreement) to a friend for $5,000. The friend filed for bankruptcy and will not be repaying the loan |
cheney1
copy_of_act405_template_ct6_opt1.xlsx
