I:5-65 Dallas, whose tax rate is 35% and 15% for ANCG, has recognized an STCL of $11,000

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I:5-65 Dallas, whose tax rate is 35% and 15% for ANCG, has recognized an STCL of $11,000 and an LTCG of $10,200 due to the sale of stock. In late December, he is considering the sale of an antique chair held for investment that would result in an LTCG of $5,000. If he sells the chair this year, what is the increase in his tax liability as a result of the sale? Ignore the phase out rules.

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Pearsons Federal Taxation Corporations Partnerships Estates And Trust 2023

ISBN: 9780137730391

36th Edition

Authors: KENNETH E. ANDERSON, DAVID S. HULSE, TIMOTHY J. RUPERT Richard J. Joseph LeAnn Luna

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