6) Assume that John sells the 1918 inverted Jenny stamp in 10 years for $1,550,000 and there is a 15% commission and they are in the highest marginal tax bracket. What is the federal tax liability on this sale? 1918 Inverted Jenny Stamp $1,550,000 Less: 15% Commission Adjusted Sales Price $1,550,000 Less: Cost Basis $0 Realized & Recognized Gain $1,550,000 Tax Rate 0.00% Federal Tax Liability 7) For the 2019 tax year, assuming the following itemized deductions, what amount will be deducted in arriving at taxable income on their Form 1040 filing? Real estate taxes on principal residence 14,335 Real estate taxes on vacation home 7,225 State income taxes 30,000 Interest on vacation home 800 Charitable (ignore phase-out limitation) 13,500 Total 65,860 What amount is deductible in arriving at taxable income