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1. This year, T, an individual taxpayer who is in the 35% tax rate bracket, sold 1,000 shares of ABC stock for $15,000. He had
1. This year, T, an individual taxpayer who is in the 35% tax rate bracket, sold 1,000 shares of ABC stock for $15,000. He had paid $8,000 for the stock ten months ago. In addition, he sold 500 shares of DEF stock for $10,000. He had paid $12,000 for the stock 18 months ago.
Calculate the net gain to be included in income AND the tax liability on the net gain.
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