Assume that the building in problem 68 is an apartment building held for investment. In addition to

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Assume that the building in problem 68 is an apartment building held for investment. In addition to the sale of the building, Anton has the following capital gains and losses during 2011:

Short-term capital loss .......... $ 4,000

Collectibles gain ............ 7,000

Long-term capital gain ......... 15,000

Long-term capital loss carryover from 2010 . 6,000


Anton is married and has a taxable income of $140,000 without considering his capital gains and losses. What is his taxable income and income tax liability?


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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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