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QUESTION 6 Woody and Ruby are married and filing a joint return. They have combined...

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QUESTION 6 Woody and Ruby are married and filing a joint return. They have combined wages of $135,000 in 2020. The couple's 2020 stock transactions are detailed in the following table. In addition, they have $6,200 of qualifying dividends. Date Sold Cost Sales Price Date Acquired 02/10/19 01/14/20 $9,000 $5,000 Item Apple stock Peach stock Cherry stock 04/23/18 01/05/20 $7,500 $3,000 10/01/15 03/31/20 $13,000 $19,000 $17,000 Banana stock 03/31/19 02/18/20 $22,000 $9,000 Orange stock 10/07/20 $17,500 10/15/19 09/22/18 Plum stock 05/02/20 $2,000 $6,500 Which of the following statements is true? They would report a $500 S/T capital gain and $5,500 LIT capital gain. They would report a $5,500 LIT capital gain. He should report a $500 S/T capital loss and $6,000 LIT capital Gain The net gain will be subject to ordinary tax rates. O None of the statements are correct

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