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5 (20 points) Luke (single) sold the following stocks and other assets in 2021: Asset Microsoft Netflix Stamp Collection Purchase Date 1/1/2018 5/1/2021 5/1/2017 Sales
5 (20 points) Luke (single) sold the following stocks and other assets in 2021: Asset Microsoft Netflix Stamp Collection Purchase Date 1/1/2018 5/1/2021 5/1/2017 Sales Date 6/30/2021 9/31/2021 11/31/2021 Sales Price Original Cost 35,000 25,000 40,000 52,000 7,500 5,000 Luke has a long-term capital loss carryforward of $19,000 from prior years. Luke sold a rental property (subject to $1250) that he owned, with the following information: Purchase Date Sales Date Original Sales Price 3/1/2014 7/11/2021 600,000 Cost 490,000 Accu. Depreciation 45,000 Assuming Luke's marginal tax rate is 24% and his long-term capital gain rate is 15%, what is his tax liability on the capital gains or losses for 2021? P/ Question 6 (5 points)
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