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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Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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