Short Tax Form. Given the following information for Jane
Cole, complete Schedule D of Form 1040 through Part lll.
• Stock options, which she purchases on February 14 of the
current year for $850, expire on October 1.
• On July 1, she sells for $4,500 her personal -use
automobile acquired on March 31, 2011, for $18,000.
• On August 16, she sells for $3,100 her stock of York
Corporation purchased as an investment on February 16, for $1,600.
• On March 15, she sells for $5,600 an antique ring, a gift
from her grandmother on January 10, 2005, when its FMV was $1,600. The ring was
purchased by her grand – mother on April 2, 1979, for $1,800.
• She has an STCL carryover of $250 from last year.
a. What advice would you give to Dale?
b. What is the cash savings if Dale follows your advice?
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