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Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan Hammond has wages of $34,000 in 2016. Phil does not work due to a disability, but he is a buyer and seller of stocks. He generally buys and holds for long-term gain, but occasionally gets in and out of a stock quickly. The couple's 2016 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.

Complete a Form 8949 for the Hammonds (Phils Social Security number is 123-45-6789). Assume that the stock sale information was reported to the Hammonds on a Form 1099B and that basis information was provided to the IRS.

Date Acquired Date Sold Cost Sales Price Item Blue stock (10 shares) 11/10/15 03/12/16 $3,000 Purple stock (100 shares) 12/13/14 05/23/16 36,000 Beige stock (50 shares) 12/14/11 07/14/16 13,000 Red stock (100 shares) 06/29/15 05/18/16 26,000 27,000 Black stock (100 shares) 05/15/15 10/18/16 67,000 67,800 Gray stock (100 shares) 04/23/1410/18/16 89,000 $88,200 $6,000 32,000 14,500 a. Determine the nature and amount of the gain or loss for each of the stock transactions Item Type of Gain or Loss Amount Blue stock Purple stock Beige stock Red stock Black stock Gray stock Date Acquired Date Sold Cost Sales Price Item Blue stock (10 shares) 11/10/15 03/12/16 $3,000 Purple stock (100 shares) 12/13/14 05/23/16 36,000 Beige stock (50 shares) 12/14/11 07/14/16 13,000 Red stock (100 shares) 06/29/15 05/18/16 26,000 27,000 Black stock (100 shares) 05/15/15 10/18/16 67,000 67,800 Gray stock (100 shares) 04/23/1410/18/16 89,000 $88,200 $6,000 32,000 14,500 a. Determine the nature and amount of the gain or loss for each of the stock transactions Item Type of Gain or Loss Amount Blue stock Purple stock Beige stock Red stock Black stock Gray stock

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