Part 1. Use the provided
Excel spreadsheet
for the Critical Thinking assignment for this week. On Worksheet 1, Assume the there are no capital loss carryforwards in each of the independent situations presented. You are to:
Calculate AGI that includes the property transactions
Determine the amount and character (short-term or long-term) of any carryforward (if any)
Part 2. On Worksheet 2, compute the tax liability given in each independent situation presented.