Kevin, a single individual, has $180,000 income from salary in 2019 plus the following recognized gains: a

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Kevin, a single individual, has $180,000 income from salary in 2019 plus the following recognized gains: a $9,000 long-term capital gain on the sale of a painting, a $10,000 unrecaptured Section 1250 gain on realty, and a $25,000 gain on the sale of bonds.

a. What is Kevin’s 2019 tax liability?

b. How would your answer change if his salary income was $550,000?

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Taxation For Decision Makers 2020

ISBN: 9781119562108

10th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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