Mr. and Mrs. Revel had $206,200 AGI before considering capital gains and losses. Required: For each of the following cases, compute their AGI: a. On May 8, they recognized an $8,900 short-term capital gain. On June 25, they recognized a $15,000 long-term capital loss.
b. On February 11, they recognized a $2,100 long-term capital gain. On November 3, they recognized a $1,720 long-term capital loss.
c. On April 2, they recognized a $5,000 long-term capital loss. On September 30, they recognized a $4,800 short-term capital loss.
d. On January 12, they recognized a $5,600 short-term capital loss. On July 5, they recognized a $1,500 long-term capital gain.

The computation of Mr. and Mrs. Revel's AGI after inputting capital gains and losses are as follows:

Situation                 AGI Before      Net Capital Gain    AGI After

a.                              $206,200             ($3,000)          $203,200

b.                             $206,200                  $380           $206,580

c.                             $206,200             ($3,000)          $203,200

d.                            $206,200             ($3,000)          $203,200

Data and Calculations:

The AGI of Mr. and Mrs Revel before Capital Gains and Losses = $206,200

Case A:

Short-term capital gain = $8,900

Long-term capital loss = $15,000

Net capital gain = ($6,100)

Maximum capital loss allowed in the year = $3,000

Balance carried forward = $3,100 ($6,100 - $3,000)

Case B:

Long-term capital gain =$2,100

Long-term capital loss = $1,720

Net capital gain = $380

Case C:

Long-term capital loss = $5,000

Short-term capital loss = $4,800

Net capital loss = $9,800

Maximum capital loss allowed = $3,000

Capital loss carried forward = $6,800 ($9,800 - $3,000)

Case D:

Short-term capital loss = $5,600

Long-term capital gain = $1,500

Net capital loss = $4,100

Maximum capital loss allowed = $3,000

Capital loss carried forward =$1,100 ($4,100 - $3,000)

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For 2020 the maximum capital loss deductible from taxable income is $3,000 and this applies when capital losses exceed capital gains.

a. Net Gain = 8,900 - 15,000

= -$6,100

Their AGI will be;

= 206,200 - 3,000

= $203,200

b. Net Gain = 2,100 - 1,720

= $380

AGI;

= 206,200 + 380

= $206,580

c. Net Gain = - 5,000 - 4,800

= -$9,800

AGI;

= 206,200 - 3,000

= $203,200

d. Net Gain = 1,500 - 5,600

= -$4,100

AGI;

= 206,200 - 3,000

= $203,200

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