70. Herbert and Gerarldine have a taxable income of $28000 before considering the gain they realize on the sale of 500 shares of Olebolla Corporation common stock for $26 per share. Herbert had acquired the shares for $3 per share while he worked for Olebolla through the company's employee incentive program. He retired from the company five years ago. What is the effect of the sale on Herbert and Gerarldine's taxable income and their income tax liability?

71. Jawan has the followng capital gains and losss in the current year.

Short term capital gain $500

Short term capital loss $3000

long term capital gain $6000

long term capital loss $12000

collectible gains $2000

What is the effect of the capital gain and losses on Jawan's taxable income?

72. Refer to the proble 71 (last problem). In the following year, Jawan has the following capital gains and losses:

Short term capital loss $1300

Long term capital gain $8600

Long term capital loss $4100

What is the effect of the capital gains and losses on his taxable income?

69. Jennifer is single and has the following income and expenses:

Salary $76000

Interest income $5000

Dividend Income $9000

Long term capital gain $10000

Short term capital gain $14000

Deductions for AGI $3000

Deductions from AGI $9000

Calculate Jennifer's taxable income and income tax liability.