Question
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
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.
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