on june 1st jaden contributed 7000 ab\amd properrty with an adjusted basis of 9000 and a fair market value of 15000 he was relieved also of his 20000 shares of parnership liabilities what is jeromes reconiged gain from the sales of his partnership interest 7000 9000 16000 22000

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.