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Athena, 34 and single, makes a salary of $247,000. Five years ago she was gifted stock by her father. At the time of the gift
Athena, 34 and single, makes a salary of $247,000. Five years ago she was gifted stock by her father. At the time of the gift the FMV of the stock was $57,000 and her father's Basis in the stock was $42,000. She sold the stock in the current year for $112,000. She also had the following in the current year: Sale of principal residence for $470,000. She bought it in 2012 for $280,000 and has lived in it ever since Sale of her 8 year old Stamp Collection for $35,000. Her Basis was $15,000 Other LTCLs of $36,000 Other LTCGs of $67,000 Other STCGs of $23,000 Other STCL of $56,000 What is Athena's Taxable Income and Tax Liability
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