51. In 2009, Juanita sold stock considered short-term for a gain of
$875 and stock considered long-term for a loss of $2,400. She also had
a $2,000 short-term loss carryover from 2008 and a $240 long-term
loss carryover from 2008.
What amount will be shown as a short-term gain (loss) for 2009?
What amount will be shown as a long-term gain (loss) for 2009?
c. Will there be a carryover to 2010? If so, what is the nature and
amount of the carryover?
Chapter 8
37. Matt and Marie own a vacation home at the beach. During the
year, they rented the house for 42 days (6 weeks) at $890 per week and
used it for personal use for 58 days. The total costs of maintaining the
home are as follows:
Mortgage interest $4,200
Property taxes 700
Insurance 1,200
Utilities 3,200
Repairs 1,900
Depreciation 5,500
a. What is the proper tax treatment of this information on their tax
return using the Tax Court
method?
b. Is there an option for how to allocate the expense between personal
and rental use? Explain