Pearson’s Federal Taxation of 2022: Capital Gains and Losses

Capital Gains and Losses
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Capital Gains and Losses
The seminar’s main purpose was to educate participants on the Pearson’s Federal Taxation of 2022. The workshop’s objectives are to address capital gains and losses in property transactions. At the workshop, the main topics discussed include realized gains/loss and recognized gains/loss, features of recognized gain/loss, what carry over basis to assets entails, and defining the carrying period.
Sub-topics
Capital gains/loss tax is the taxation imposed on the sale of the capital asset at a profit. The extent to which the tax applies depends on how long the assets as been held before it is sold. As a result, assets held for a period not exceeding more than one year attract short-term capital gains tax. On the other hand, long-term capital gains tax is imposed on capital gains arising from the disposal of investments or properties held. Realized...